Salina Seas is a holiday development located in Santa Maria, Cape Verde, including the Oasis Salina Seas Resort and Hotel. While this 5-star hotel is still operating and welcoming guests, no further investment returns will be honored. Were you unlucky enough to invest in Salina Seas as a part of a mis-sold Sipp pension fund? If your financial advisor suggested that you move your retirement savings from a stable pension pot to a risky Sipp that included Salina Seas, you might have been mis-sold Sipp products.
If you were mis-sold Sipp pension funds that included the Salina Seas, you could be eligible for mis-sold Sipp compensation. The Financial Services Compensation Scheme (FSCS) is a ‘lifeboat fund’ set up to help people like you recoup some or all of your lost savings. Do you qualify?
What Happened with Salina Seas?
Plenty of British investors were attracted to Salina Seas, a stunning holiday resort in Cape Verde. After all, who doesn’t like the idea of owning a small part of paradise? Many unscrupulous financial advisors exploited those pleasant thoughts and mis-sold Sipp pension schemes to unsuitable clients.
They offered high returns with low risks, when in fact, the Salina Seas was an unregulated fund with ultra-high risks. Thousands of British investors were duped into investing in Salina Seas, which was not regulated by the Financial Conduct Authority (FCA). There are competing theories as to what actually happened with the Salina Seas investment fund, but we do know that it fell down like a house of cards.
Now, countless people are out of their hard-earned retirement savings. They were talked into transferring their money from secure and safe pension schemes and mis-sold Sipps that brought them financial ruin. Does this sound familiar?
Are you entitled to mis-sold Sipp compensation from Salina Seas?
Did you invest in the Salina Seas? While the hotel is open and trading in Cape Verde, you will not receive any returns on your investment. Thankfully, the FSCS may be able to help. Their mis-sold Sipp compensation scheme could help you recoup some or all of your lost retirement funds.
- Did your financial advisor pressure or mislead you into moving your pension savings into a Sipp?
- Were you given accurate information about the risks of pension transfer and investment?
- Did your financial advisor assess your financial situation, including your debt load, annual income, and investment portfolio?
- Were you made aware that your return would depend on the fund’s performance?
- Were you subject to unexpected fees and charges?
- Did you know that Salina Seas was an unregulated investment?
- Did your financial advisor tell you that if you exceeded the £40,000 tax-free limit, you would be subject to a 55% income tax?
- Did your investment in Salina Seas negatively impact your finances and leave you without retirement savings?
Depending on your answers to the questions above, you could be entitled to mis-sold Sipp compensation from the FSCS. Get in touch with our claims experts today – we can help you with the application process and answer all of your questions. Apply online today for an information pack to learn more.
FSCS Salina Seas Claim
Salina Seas 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 Salina Seas . 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.