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FSCS Reopens The Resort Group Claims

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The FSCS is looking to reopen compensation claims in relation to investments with offshore holiday property developer, The Resort Group.

The Self Invested Personal Pension (SIPP) investments related to the purchase of four luxury hotel developments in Cape Verde over the last ten years by 19 failed financial advice firms.

Reopening the cases will enable those claimants who have received interim payments to have their awards recalculated and may mean that they can receive the FSCS’ maximum award. The FSCS recently revealed that it has already paid out £5.9m in compensation.

Concerns began to emerge about The Resort Group investments when, following the deduction of their SIPP fees, investors failed to receive the returns they were expecting. The situation has been compounded by the catastrophic effect of COVID-19 on the global tourist industry.

Despite the advice firms had failed, including Active Wealth who advised British Steelworkers, investors concerned about losing their investment and/or the advice they were given in relation to investments with The Resort Group, may still be able to recover compensation for their losses. Where an investment provider goes out of business, compensation claims up to the value of £85,000 can still be made through the FSCS.

Commenting on The Resort Group update, Peter McKenna, Partner and Head of the Financial Mis-Selling team at TLW Solicitors said:

“The FSCS reopening Resort Group claims is good news for many of our clients as they can now hopefully be given the proper compensation that they have been waiting a long time for. None of our clients should have been advised to invest in this scheme and we are delighted they will now start to recoup some of their losses.”

Working on a ‘no win – no fee basis’, TLW’s experienced team can help you through the FSCS compensation process. Our clients are reassured by our knowledge and experience of FSCS procedures and, indeed, we have had FSCS claims successfully upheld for clients whose claims had previously been refused on purely technical grounds.

If you are concerned about your, a friend or loved one’s investment with The Resort Group, please get in touch with TLW Solicitors by calling 0800 169 5925, email or complete our callback form.

Time limits can apply and so anyone wishing to bring a claim should do so without delay.

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