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?
What Happened with Cool Blue Samui?
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.
Are you entitled to mis-sold SIPP compensation from Cool Blue Samui?
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.
FSCS Cool Blue Samui SIPP Claim
Cool Blue Samui SIPP 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 Cool Blue Samui SIPP. 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.