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.
What happened with the Cape Verde Hotel Investments?
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 center 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 has 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.
First Review, which was based at Unit 1 Brunel Business Park, 31 Brunel Parkway Pride Park in Derby, is no longer trading. The company was dissolved on 12 September 2017.
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.
None of these companies are still trading, and they cannot pay you for any returns on your investments. Thankfully, the FSCS is now offering mis-sold SIPP compensation to people like you.
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.
FSCS Cape Verde Hotel Investments Claim
Cape Verde Hotel Investments has been declared in default by the Financial Services Compensation Scheme. This means that the UK’s compensation scheme for failed financial services firms will pay compensation for valid mis-selling claims. Allegiant can assist you with claims to the FSCS about Cape Verde Hotel Investments. Fill in our online application form to get started.
You do not need to use a claims management firm to make your claim and if your complaint is not successful you can refer it to the Financial Ombudsman Service or in the case of a failed firm, the Financial Services Compensation Scheme, for free.