Thousands of UK clients were advised to invest their pension savings into Cape Verde Hotel Investments. They were duped by a slick partnership between three companies, including First Review Pension Services Limited, which all mis-sold SIPP products to clients across the country.
Cape Verde Hotel Investments seemed like an attractive proposition – invest in sunny holiday properties in Dunas Beach and Llana Beach in this up-and-coming destination. The idea was that clients would receive a larger return than their current pension investments. Were you one of the thousands of people who moved their pension savings into an unregulated SIPP? If so, you may have been mis-sold SIPP pension products.
If you invested in Cape Verde Hotels and Apartment Investments, you were taken for a real ride. Three companies working hand in hand, The Resort Group, Lifestyle Investments, and First Review Pension Services, operated to bilk victims out of their retirement savings.
The Resort Group owned a call centre in Derby called Lifestyle Investments. Lifestyle would first cold call pension holders and sell them on investments in Cape Verde Hotels (operated by The Resort Group), which they assured clients would have huge returns. Once they had a client primed, and had mis-sold SIPP pension transfers to them, they would pass the information onto the third company, First Review Pension Services. Since all of the companies were linked, they all stood to profit from this deception.
Advisors misled clients, convincing them to transfer their pension funds from safe and stable pension schemes to these SIPP funds. Of course, they purposely did not warn clients that these Cape Verde Hotel Investments were high risk and completely unregulated by the Financial Conduct Authority. If the fund failed, which it did, clients would lose their entire pension pot.
Did you receive advice to invest in Cape Verde Hotel Investments from your advisor? Did you ever deal with The Resort Group, Lifestyle Investments, and/or First Review Pension Services? If so, you may be entitled to mis-sold SIPP compensation. If you think that you were misled or tricked into investing in Cape Verde Hotel or Apartment Investments, you should get in touch with our claims experts. We can look over your case and advise you on your chances of success.
Apply online today for an information pack to learn more.
If a financial advisor advised you to invest in an unregulated investment such as Cape Verde Hotel Investments, it is still possible to claim compensation. Where the advisor is still operating, a claim can be pursued against the financial advisor via the Financial Ombudsman Service (FOS).
If an advisor is no longer operating, the Financial Services Compensation Scheme (FSCS) pays compensation for valid mis-selling claims against any financial advisor who has been declared in default by them.
If your pension included investment in Cape Verde Hotel Investements, you could be entitled to compensation.Apply Now
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Pre complaint investigation and analysis. No paperwork? Don't Worry! We could still help.
Once we've assessed claim prospects, we make a pension complaint to the Ombudsman or FSCS, where appropriate
Pension complaint response received. We'll carefully analyse the response and advise you on how to proceed.
If appropriate resolution cannot be reached with a live firm, and we disagree with their stance, we will refer the claim to Ombudsman on your instruction.
As of the 1st March 2022 we have implemented a new fee structure which we have explained below. If you signed your contract with us prior to the 1st March 2022, please refer to your signed claims pack for our previous fee terms.
Our fees are owed upon a successful claim and will depend on the Gross Compensation you receive. “Gross Compensation” means the amount awarded to you whether this is paid directly to you or paid into an investment or pension, and prior to any deduction of any income tax due to HMRC on your award. Please refer to the definition of “Gross Compensation” and Section 5 of our Terms of Engagement for further information including a table showing how our fees work in different scenarios.
If successful, your fee will be calculated based on which band your redress falls into and will be charged by whichever is the lowest of:
The below table outlines the redress bands, the maximum percentage rate of charge and the maximum total charge is for each band.
|Band||Redress||% Charge (with VAT)||Maximum charge (with VAT) (£)||Maximum charge (without VAT) |(£)|
|1||1 – 1499||36%||504||420|
|2||1,500 – 9,999||33.6%||3000||2500|
|3||10,000 – 24,999||30%||6000||5000|
|4||25,000 – 49,999||24%||9000||7500|
Examples of how this would work in practice:
|Band||Lower example||Higher example|
|1||You receive £100 in redress; our fee would be £36.||You receive £1499 in redress; our fee would be £504.|
|2||You receive £1,600 in redress; our fee would be £537.60.||You receive £9,999 in redress; our fee would be £3,000.|
|3||You receive £12,000 in redress; our fee would be £3,600.||You receive £24,999 in redress; our fee would be £6,000.|
|4||You receive £30,350 in redress; our fee would be £7,284.||You receive £49,999 in redress; our fee would be £9,000.|
|5||You receive £55,000 in redress; our fee would be £9,900.||You receive £100,000 in redress; our fee would be £12,000.|
Please note, the above fee examples are for illustration purposes only. They are not an estimate of the likely outcome or fee you will need to pay. Each claim depends on its own merits.
It is possible that our fee may become payable before you have access to your pension or investment which may result in you having to pay our fee from your own funds
You can cancel for free at any time within 14-days without giving any reason and without incurring any liability. You can communicate your cancellation by telephone, post, email or online.
You can cancel this agreement at any time after the 14-day cancellation period. However, if a complaint submitted by us is successful, the Success Fee will apply in the usual way.
You can cancel by post: Allegiant Finance Services Limited, Freepost RTYU–XUTZ–YKJC, 400 Chadwick House, Warrington Road, Birchwood Park, Warrington, WA3 6AE; (b) by email: [email protected]; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uk/compliance/cancellation.
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We’ve serviced over 100,000 clients across all service lines since our inception in 2010.
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