Mis-sold hotel rooms
With 999 year leases and up to 50% of income in returns, hotel rooms can seem an attractive and reliable investment option for people looking to boost their pension pots.
With strong current and forecast occupancy rates, the hotel market can seem sound and returns for investors appear promising.
But many of these high-risk schemes aren’t actually regulated by the Financial Conduct Authority (FCA), leaving investors open to mis-selling and potentially big losses. In these cases it is possible for customers to seek compensation and recoup some of their losses.
Did you have a SIPP investment?
A self-invested personal pension (SIPP) is a scheme that gives you a higher level of control over your own pension. This means you get access to more choices on where you can invest your retirement fund, allowing you to manage your own investments and savings, rather than relying on a pension company or fund manager. The appeal of such a scheme is clear, but the risks associated with it are sometimes not made obvious to investors.
Mis-sold SIPPs have become the subject of an increasing number of complaints made to the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS).