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OVERSEAS PROPERTY
Many people are led to believe that investing in overseas property, all across the world, is the ideal way to make money. Properties can be residential such as holiday homes and villas or commercial such as hotel or apartment complexes, all in warm climates and ideal holiday locations. Unfortunately, most overseas property investment schemes turn out to be unregulated by the FCA (Financial Conduct Authority). Whether purchased as stand-alone investments or through SIPPs (self-invested personal pensions), some overseas property investments are mis-sold and unsuitable for purpose. People are losing entire life savings by investing in overseas property.
Names you may have heard in the news this year are The Resort Group, Cool Blue Samui, Harlequin and Cumulus, who are all being investigated for mis-selling investments in overseas property.
If you invested in overseas property and the following factors apply, you may have been mis-sold:
- You earn under £100,000 per year
- You are not an experienced investor
- The risks were too high for your needs
Financial advisers are obliged to ensure that all clients they refer to these schemes are of high net-worth who fully understand the high-risk nature of overseas investments. Advisers also should not be offering schemes that are not FCA regulated.