The Ultimate Resort Group Claims Guide
Welcome to the Ultimate Resort Group Claims Guide, and quite possibly your first step to a winning Resort Group claim
Invested your SIPP or SSAS pension in the Resort Group Cape Verde? Hundreds were persuaded to transfer their pensions in order to invest in resorts like Llana and Dunas beach after a sustained campaign of cold-calling, Free pension reviews and high-pressure sales tactics by a number of unregulated marketing firms and financial advisers, many of whom seem to have ignored their obligations to advise in their client's best interest, leaving £millions in the hands of The Resort Group - a high-risk and non-FCA regulated investment...
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Resort Group 101
The Resort Group Plc is a group of international companies, registered in Gibraltar. In part because of this, it sits outside of the jurisdiction of the Financial Conduct Authority - the big bosses of UK finance, meaning that it is classed as an unregulated investment in this regard.
This means something important for investors: that if anything goes wrong with The Resort Group, such as a collapse, liquidation or even just missed interest payments, there's no protection from the Financial Ombudsman Service, or the FSCS...
Because of this, The Resort Group SHOULD have been marketed as a high-risk investment, and only suggested to people who can comfortably accept those risks: High Net-Worth Individuals and Sophisticated Investors - hardly an entry-level investment!
Resort Group Developments include:
The Resort Group begins...
The Resort Group sets up shop from its base in Gibraltar and starts eyeing up areas in the Cape Verde islands for hotel developments...
By 2014, marketing efforts for The Resort Group were in full-swing, with celebrity endorsements to put the icing on the cake...
As seen with the marketing of other proposed high-class resort investments, such as the now infamous Harlequin Properties, The Resort Group flew in celebrities like Kerry Katona and Tinie Tempah for highly publicised grand openings.
Alright for some, eh?
BBC Panorama Focuses on The Resort Group
On the 11 July 2016, BBC's Panorama tore into companies surrounding The Resort Group on their program, entitled 'Pension Rip Offs'...
The program shocked many Resort Group investors, and prompted more than a few calls to the team at Get Claims Advice. Some of the bigger points raised by the show are summarised below:
The Resort Group was the parent company of Lifestyle Connections (a marketing firm that called clients to offer a FREE pension review) and First Review Pension Services (an unregulated financial advice firm).
Undercover footage showed group consultant "Kerry", describing the investment options she sells: "All of the options I deal with involve the Resort Group".
The Resort Group described First Review Pension Services & Lifestyle Connections as the "sales and marketing arm".
The group made around £11m profit in 2015
An unregulated consultant from First Review Pension Services was filmed "playing down" the benefits of a final salary pension with a view to securing a Resort Group investment: "Well, I can tell you what you had, if it's any good, no it isn't so there you are".
The Resort Group told Panorama that both FRPS and Lifestyle Connections would not be taking on new business after the 30th June 2016, but this decision was unconnected the the Panorama program.
Following the program, several follow-articles appeared in the press, including Citywire explaining that some sales agents for The Resort Group could have been making 7% commission on the sales, and the BBC published an article looking at the way in which The Resort Group was sold by Bruce Nicholas of First Review Pension Services
FCA sends questionnaire to Resort Group Investors
The FCA doesn't tend to get involved with unregulated investors, but it made an exception in the case of The Resort Group...
August 2017 brought the news that the FCA has sent questionnaires to some Resort Group investors asking for information. The article in New Model Adviser explained that it had understood that the questionnaire had been sent out by the FCA's Unauthorised Business division, with a view to discovering whether any regulated activity had been carried out without the correct authorisation.
The FCA doesn't often investigate firms and investments not under it's regulatory jurisdiction, but can do so if it suspects firms are trespassing onto regulated turf.
Mis-sold Resort Group Investment Claims
Thinking about making a claim over your Resort Group claim? Many have already done just that, and chose Get Claims Advice to fight their corner when it came to going toe-to-toe with their old financial adviser, or the FSCS to get them the justice they deserve.
Depending on when and how you invested in The Resort Group might depend on what sort of returns (if any) you've received as part of your SIPP or SSAS investment, but if you wern't told about the risks presented by a TRG investment, and don't fit the descriptions of a High Net-Worth Individual or Sophisticated investor, you could be in the same position as some of our other clients before they got in touch and started a SIPP claim!
All our NO WIN - NO FEE* claims start the same, with a FREE initial assessment of your situation and the advice you received to see if you can make a claim for loss and risk...
Firms related to The Resort Group
There are plenty of companies that had something to do with the Resort Group at various points - here's just a few that might ring a few bells...
*No Win - No Fee: Your claim is pursued by Get Claims Advice on your behalf with no up-front fees. In the event of a successful claim, our success fee is charged at 24% inclusive of VAT, of any monies awarded. 14 Day “cooling-off” period, after which a cancellation fee is applicable. See Terms of Business for full details.