In a plug on its website for the show next Monday night on BBC One at 8:30pm – which Panorama is billing as "the Great Savings Wipe Out"– the BBC notes that a “worrying number of savings scandals” are coming to light, as problems arise with self-invested personal pension schemes, which enable people to look after their own pension savings.
As reported, the Financial Services Authority issued an alert on Harlequin in January, and on 1 March, contacted providers of self-invested personal pensions (SIPPs), asking them to say whether they have any clients invested in the firm.
For a number of years, Harlequin has marketed off-plan luxury resort properties in the Caribbean and other locations to investors, but has come to the attention of the authorities after complaints from investors.
According to Panorama, its reporter, Paul Kenyon, found that “most of the planned properties have yet to be built and there are disputes over planning permission and land ownership”.
Through a spokesman, Harlequin has refuted allegations of wrong-doing, and said it regarded the FSA request for information from advisers as “merely a fact finding exercise… to determine the level of investment in Harlequin, which is a typical approach taken by the FSA across many products and is no reflection” on the company.
"Harlequin has repeatedly denied any wrongdoing, and looks forward to concentrating on developing the business for the benefit of all its investors," the spokesman said, in a statement last week.
