THE RESORT GROUP SIPPs INVESTMENT
The Resort Group, based in Gibraltar and established in 2007 by Rob Jarrett, a former financial advisor with the Prudential, specialised in creating luxury resorts in Cape Verde. Whilst also teaming up with luxury hotel chains such Melio Hotels International and Hilton Worldwide and with the investment appealing to so many new investors as the ideal financial opportunity, what could go wrong?
Following the financial crash of the financial markets in 2008, TRG then decided to sell their luxury hotel rooms as whole entities or fractional ownership to cash investors or pension holders via Self-Invested Personal Pensions (SIPPs).
To keep the investments coming in TRG used systematic operations outside of the FCA’s regulations which was eventually brought to light in 2016 when the BBC conducted a Panorama investigation that exposed their pension mis-selling of illiquid investments.
HOW DID YOU INVEST?
The Resort Group SIPP investment was more often than not recommended to cash investors and pension holders by unregulated investment advisers. Nineteen investment firms, to date have already had claims concerns made against them by the FSCS regarding the TRG investments.
The methods of mis-selling involved glossy sales pitches with high-class promotional brochures, celebrity endorsements and the promise of financial returns due to Cape Verde being the hot-spot for investment.
But be-known to individuals TRG were paying introducers commissions of up to 15% making it an extremely profitable return and hence the ‘high pressured’ sale on inexperienced investors who brought into the dream.
Investors would have bought an interest in the hotel resort with each person owning a fraction of the entire property. This would have entailed owning a fractional ownership where each fraction is owned by a separate UK company which for this purpose is a Limited by Guarantee company. Being a Member of these UK Limited Guarantee schemes would have defined shares in the hotel, which amounts to fractional interest.
CAN I CLAIM COMPENSATION?
If you invested in The Resort Group, and were not properly advised about the high-risk nature of the of the SIPP scheme, then you like many hundreds of others have been mis-sold your investment and have a possible claim for compensation.
Additionally, The Resort Group and their financial advisors who worked for them failed to carry out the proper due diligence checks on the investor’s suitability. Could this be you?
We believe investors have various routes to claim that could include:
Unregulated advice and lack of due diligence
Breach of contracts with low returns and added costs
Negligent mis-selling of pensions
Negligent mis-selling with heavy sales tactics
Breaching duty of care
If you have been a victim of a mis-sold investment through The Resort Group, we advise you act sooner than later to ensure you get the compensation you deserve.
If you have invested into The Resort Group get in contact with us as soon as possible we so can start your claim without delay.
If you prefer to speak over the phone, just call us for a completely no-obligation chat.
We are completely transparent with our clients and would never pressure you into making a claim so feel free to make an enquiry without the worry of a pushy claims representative at the end of the line.
We look forward to speaking with you soon.