The German Property Group has entered preliminary bankruptcy proceedings, which has caused the top UK financial watchdog to warn customers that they better snap into action.
The Financial Conduct Authority (FCA) has urged people in the UK who have invested in overseas investment scheme, which is also known as Dolphin Capital, Dolphin Trust and Red Rock, to reach out to the Financial Ombudsman.
While GPG is not authorised by the FCA, the regulator warns that “any money you might have invested in this scheme is at risk and you need to take action now to help recover this.”
“The FCA is aware that UK consumers have invested in GPG, either directly or via a self-invested personal pension scheme (SIPP) or small self-administered scheme (SASS) arrangement,” the FCA said in a statement. “We are working closely with the Financial Services Compensation Scheme (FSCS) and the Ombudsman service on this matter and will be issuing further information as the situation develops.
“If you invested your SIPP or SSAS in GPG through a financial adviser and/or a SIPP Operator in the UK and you believe you were mis-sold, you may be eligible for compensation. We are working with those financial advisers we have identified as advising UK customers to invest in GPG, as well as the SIPP operators we have identified that are holding people’s investments. However, there are actions you can take now, which are set out below.”
The FCA advised people who have invested in the company to immediately reach out the financial firms that they have dealt with for those investments and submit a complaint.
“This means that the firm must take certain actions within certain time limits,” the FCA said. “If you are unhappy with the response received from the firm, or do not hear from them within the relevant time period required by the FCA, the Ombudsman service may be able to help. It is a free and easy to use service that settles complaints between consumers and businesses that provide financial services.”
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