Cool Blue Samui is a seemingly attractive investment opportunity launched in 2011, offering clients the chance to invest in holiday villas located on the Thai island of Koh Samui. However, Cool Blue Samui is an extremely high-risk overseas property investment that is unregulated by the Financial Conduct Authority (FCA). Many financial advisors mis-sold SIPP products by misrepresenting Cool Blue as a good investment for ordinary people. In fact, it is only suitable for High Net Worth Individuals. Were you misled into investing in Cool Blue?
Investors were sold the opportunity to invest in a new holiday complex on Koh Samui, a Thai island. This was a popular investment. After all, who wouldn’t want to invest in holiday properties in Thailand? Not only did this seem like an attractive venture with a lot of potential for strong returns, but the idea of these holiday properties also made people feel good.
However, according to the Financial Conduct Authority (FCA), the only people who should have been advised to invest in Cool Blue Samui are High Net Worth Individuals. These are classified as people making more than £100K a year, and who also have more than £250K in net assets.
This was not the case for most of the investors in Cool Blue Samui. Financial Advisors roped individuals in with much lower levels of wealth and who were close to retirement; they needed their pension money. According to FCA rules, they should have only been advised to invest in safe, low-risk funds, but were instead mis-sold SIPP pension products.
If you are not a High Net Worth Individual and your advisor sold you an investment in Cool Blue Samui, you could qualify for mis-sold SIPP compensation.
Get in touch with our claims experts today – we will go over your specific case. We will look over your case and determine whether you were mis-sold SIPP pension products and if you qualify for mis-sold SIPP compensation. Apply online today for an information pack to learn more.
If a financial advisor advised you to invest in an unregulated investment such as Cool Blue Samui, 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 Cool Blue Samui, you could be entitled to compensation.Apply Now
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• Compensation is £1,000, the fee is £250 plus VAT £50. This means the amount payable to us is £300 leaving you with the benefit of £700.
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