Founded in 2007 and registered in Gibraltar, The Resort Group (TRG) is an investment in luxury holiday resorts in Cape Verde. According to TRG’s website the completed resorts, situated on the island of Sal are; Tortuga Beach, Dunas Beach, Llana Beach and TUI Sensimar Cabo Verde.
This investment is no stranger to hitting the headlines, not just because of the celebrity endorsements used, but also, reports that investors were not getting the returns they were promised. Something still making news as this story in the FT Adviser from September 2019 shows.
The Resort Group then featured on a Panorama undercover documentary about “Rip-off Pensions” with secret footage on two companies owned by TRG – Lifestyle Connections and First Review Pension Services.
Derby based Lifestyle Connections was a marketing company, who cold called people offering them a free “Pension Review”. They then referred the clients to First Review Pension Services, who despite having no regulated authority to give financial advice, persuaded people to invest in The Resort Group. Reports that followed the programme claimed sales agents were getting as much as 7% commission.
Both companies ceased generating new business in 2016. By then though, many people had invested in TRG and not just through First Review and Lifestyle Connections.
Investments like this are usually classed as high-risk and are also unregulated, which means there’s no protection from the Financial Conduct Authority. This is also why such investments are not suitable for the average SIPP investor.
Unfortunately, a lot of mis-selling occurs when the average investor does end up in unsuitable investments, often as a result of negligent financial advice.
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.
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