Good to know: You do not need to use a claims management company to make your complaint to your pension provider or intermediary. If your complaint is not successful you can refer it to the Financial Ombudsman Service or the Pension Ombudsman yourself for free if the firm is still trading. For eligible failed firms, you can refer a claim to the Financial Services Compensation Scheme for free.

0345 544 1563

Rimondi Grand was a popular hotel investment located on the Greek island of Crete. Thousands of UK investors were enticed into investing in this luxury hotel complex, only to lose their precious retirement savings – the Rimondi Grant is worth nothing now. Smooth-talking financial investors duped people into transferring their savings from a safe and stable scheme into risky mis-sold SIPP funds. Did this happen to you?

If you were mis-sold Sipp pension products that included the Rimondi Grand Hotel, you could have recourse to mis-sold SIPP compensation.

To find out more, keep reading ahead.

What Happened with the Rimondi Grand Hotel?

It certainly seemed like an attractive proposition – move your retirement savings from your stable fund to a Self-Invested Personal Pension (SIPP) that included the Rimondi Grand in Crete. Who wouldn’t want their investment to fund a wonderful holiday resort?

That’s exactly how financial advisors duped investors into parting with their money. If you were told to invest in The Resort Group Plc in Gibraltar, you probably lost a lot of money. The Resort Group managed the Rimondi Grand investment, and they mis-sold Sipp funds to thousands of people.

The Resort Group was founded in 2007 and was based in Gibraltar. Their resorts, including the Rimondi Grand, were featured in a BBC Panorama investigation that uncovered their wrongdoings. Were you mis-sold Sipp pension funds operated by The Resort Group?

Are you entitled to mis-sold Sipp compensation from the Rimondi Grand Hotel?

If you invested in the Rimondi Grand Hotel, you could have been mis-sold Sipp products.

Did any of the following happen to you?

  • Did your financial advisor pressure you into investing in the Rimondi Grand Hotel?
  • Did they fail to tell you this was an unregulated fund that carried significant risks?
  • Did your financial advisor fail to assess your financial situation, and sell you financial products better suited to high net worth individuals earning more than £100K per year?
  • Did you feel forced or that your advisor was pushy?
  • Were all fees and charges clearly laid out, or did you face hidden charges?
  • Were you told that your return would depend on the fund’s performance?
  • Did your advisor or The Resort Group fail to tell you that if you exceeded the £40,000 tax-free limit, you could be subject to the 55% income tax rate?
  • Did your mis-sold Sipp negatively impact your finances?

If you invested in the Rimondi Grand Hotel, you’re not alone. Our claims experts can help assess your case and help you navigate the claims process. Apply online today for an information pack to learn more.

Obtaining compensation from Rimondi Grand Hotel

If a financial advisor advised you to invest in an unregulated investment such as Rimondi Grand Hotel, 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 Rimondi Grand Hotel, you could be entitled to compensation.

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Andy Ramsay

Pensions & Investments Claim Manager

Andy understands financial services regulations and the technical arguments required to make a successful claim.

In his career he has successfully dealt with an array of claims such as pension transfers and switches, SIPP and endowment claims.

Andy was part of the “Pension Review” and Customer Liaison Departments for Royal Sun Alliance. Unhappy with how consumers were being treated, he realigned himself and has been representing consumers since 2004, ensuring fair and equitable treatment for consumers.

Pension Query? Contact Andy

Insights from Our Pensions Team

Expert Insight: The Importance of Choosing the Right Pathway for Your Claim: CMCs and Law Firms Compared.

In this article, Allegiant’s Pensions & Investments Manager, Andy Ramsay, explores the fundamental differences between the Court and Ombudsman routes for resolving pension & investment claims. The article highlights key differences in:-

  • costs consequences and funding arrangements
  •  the differing basis of an assessment that a Court will deploy when compared to an Ombudsman
  •  the potential need for claimants to attend a hearing in Court

Andy further explores outdated preconceptions about Claims Management Companies. This short summary is essential reading for anyone planning on making a pension or investment claim with the assistance of a CMC or law firm.

Click to Read

Learn With Allegiant: The Financial Services Compensation Scheme (FSCS) In A Nutshell

You may have heard of the Financial Services Compensation Scheme (FSCS), but do you fully understand its vital role within the UK’s financial services sector? In this short piece, we look at:-

  • The type of claims FSCS covers (and those it doesn’t).
  • How and when it can help
  • The FSCS claims process

This article will be of particular interest to anyone with a potential compensation claim against a financial service provider that has collapsed.

Click to Read

Learn With Allegiant: What is a SIPP?

The Financial Conduct Authority (FCA) has identified ‘serious and ongoing failings’ by both Individual Financial Advisers (IFAs) and Self-Invested Personal Pension Providers. Typically, mis-selling is related to the “wrong” type of investor being given poor or misleading advice as to what investments were relatively safe and right for them. In this summary, we look at What a SIPP is, and how they have been mis-sold, together with the FCA’s review into sector malpractice.

Click to Read

Our Mis-sold Pensions Claim Procedure

  • Step 1

    Pre complaint investigation and analysis. No paperwork? Don't Worry! We could still help.

  • Step 2

    Once we've assessed claim prospects, we make a pension complaint to the Ombudsman or FSCS, where appropriate

  • Step 3

    Pension complaint response received. We'll carefully analyse the response and advise you on how to proceed.

  • Step 4

    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.

Our Fees - What You Need To Know

Worked Fee Example

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:

  1. the maximum percentage rate of charge for that band, or
  2. the maximum total charge for that band.

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
5 50,000+ 18% 12,000 10,000

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

Cancellation Rights (Pension Claims)

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: ; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uk/compliance/cancellation.

Looking for Claim Representation? Why Allegiant is a Great Choice for Pension Claims Assistance

Human

Our small, dedicated pensions team provide a personal touch

Trustworthy

We’ll treat your claim as strictly confidential. Your personal information is safe with us.

Longstanding

We’ve serviced over 100,000 clients across all service lines since our inception in 2010.

No Paperwork? Don't Worry!

We could still help if you don’t have all your paperwork or details. Our team are experienced in helping locate paperwork where possible.

Technologically Driven

Our online application system and claim audit surveys enable us to offer an efficient and convenient claims journey.

Claiming for Free Yourself

Good to know: You do not need to use a claims management company to make your complaint to your pension provider or intermediary. If your complaint is not successful you can refer it to the Financial Ombudsman Service or the Pension Ombudsman yourself for free if the firm is still trading. For eligible failed firms, you can refer a claim to the Financial Services Compensation Scheme for free.