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The Resort Group

Have you transferred into a SIPP and invested in The Resort Group?

You may what to check if you should be claiming compensation

The Resort Group is an investment in luxury holiday resorts in Cape Verde, which consists of five hotel developments.

Resorts include Tortuga Beach, Dunas Beach, Llana Beach and TUI Sensimar Cabo Verde.

It was founded in 2007 and registered in Gibraltar.

This investment was sold to UK investors in two different ways – whole hotel rooms and fractional shares in rooms.

It also offers a range of corporate bonds and advertised returns of up to 18% over a three-year period, based largely on rental income.

The Resort Group - check if You can claim compensation

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Can I claim against The Resort Group?

The Resort Group is unregulated so would not qualify for protection from the Financial Ombudsman or Financial Services Compensation Scheme.

However, as it was sold by UK regulated advisers who have since failed, the FSCS has agreed to accept claims.

The FSCS told the FT Adviser  that it had received 2.5k claims linked to The Resort Group.

Most complaints involved SIPPs or pension transfers.

The FSCS are also currently investigating Dunas and Llana beach resorts.

Is the resort group still trading?

The Resort Group is still trading, which means some investors are still expected to pay management fees and ongoing SIPP charges.

What’s the problem with The Resort Group?

It is considered a high-risk investment and would likely be unsuitable for the average SIPP investor.

Also, there are many reports that people have not seen the return on their investment they were assured.

Even before Covid affected share valuations and rental payments when the resorts were closed, investors struggled to sell their hotel rooms or fractional shares.

Also, despite little or no returns from the investment, some investors are facing demands for SIPP fees and management costs.

The Financial Conduct Authority launched an investigation into sales of The Resort Group investments in 2017 which is still ongoing.

The BAD news:

Mis-sold SIPPs have cost pension savers BILLIONS of pounds

The GOOD news:

Compensation payments are hitting record figures every year

Panorama Documentary

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 “Pension Rip-offs” with secret footage on two companies owned by TRG – Lifestyle Connections and First Review Pension Services.

These companies allegedly cold called people offering a free pension review, which was a marketing tactic to get people to invest in TRG.

Consumer Money Matters Limited were another Introducer company linked to mis-selling cases involving The Resort Group.

 

Financial Advisers and The Resort Group

It’s believed over 50 different financial advisers are involved with claims linked to The Resort Group.

Many of whom are no longer trading.

Active Wealth, TailorMade Independent, Strategic Wealth UK LtdArcher Bramley and Chadkirk Wealth Management advised clients into SIPPS which contained The Resort Group investment.

However, the firm with the largest share of the claims is CIB Life & Pensions. It is named on more than 1,000 claims, which also mention The Resort Group.

Real SIPP were Appointed Representatives of C.I.B Life &Pensions between 2010-2015.

They acted “administrators” of SIPP investment packages, in particular involving The Resort Group.

Rowanmoor SIPP and The Resort Group

Rowanmoor is the latest SIPP provider to enter administration following complaints from its SIPP clients.

The FOS received nearly 1,000 complaints against Rowanmoor involving due diligence and The Resort Group was involved in more than half of these.

Several other Pension Providers also had this investment in some of their SIPPs.

These include Guardian/GPC SIPP, Lifetime SIPP, London & Colonial and GreyFriars.

 

Why is The Resort Group unsuitable for most investors?

Investments like TRG are usually classed as high-risk and are also unregulated, which means there’s no protection from the Financial Conduct Authority. It also means you won’t have access to the Financial Ombudsman Service or Financial Services Compensation Scheme and unlikely to get your money back if things go wrong.

This is 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.

Have you checked if you have a mis-sold SIPP claim?

Simply fill in the form below to arrange an assessment with one of our mis-selling specialists.




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