It’s reported that Dolphin took nearly a billion Euros from investors globally, with over half of that coming from UK investors.
They were also paying as much as 20% commission to introducers who persuaded people to invest. These introducer firms were not authorised to give financial advice.
Some investors however did receive regulated financial advice, despite this type of high-risk investment generally considered unsuitable for the average investor.
Many people invested in Dolphin through their SIPP pensions with providers such as Greyfriars and Guinness Mahon.
In May 2019 the BBC programme You and Yours reported on GPG and visited some of the buildings which were involved in the investment.
They discovered that although one property was finished and another near completion, worryingly “some of these addresses are all but derelict and others it does not even own”
The FCA does not regulate this type of investment so it’s not protected by the UK’s Financial Services Compensation Scheme (FSCS).
However, if your investment involved a regulated company such as Financial Adviser or SIPP operator, you may still be eligible for compensation.
Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience indicate that mis-selling may have happened.
Our assessment is free and there’s absolutely no obligation to use our service if you have case.
You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.
It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.