The resignation was dated 28 Feb, and thus preceded much of the recent news coverage of Harlequin, which has been growing in the weeks since the Financial Services Authority began writing to SIPP providers on 1 March, asking them to say whether they had any clients invested in the firm.
On 5 March, the UK’s Serious Fraud Office revealed it was looking into complaints “in relation to the Harlequin group”, prompting another round of media coverage.
News of BDO’s resignation from the Harlequin account followed the discovery of its resignation letter on the Companies House website by journalists working for publications based in Essex, the county in which Harlequin is based.
A BDO press spokesperson confirmed the resignation, but declined to give further details.
A story in the Guardian last week made reference to difficulties BDO was said to have had with "Harlequin’s numbers" after taking over the company’s accounts from another company that, the Guardian said, resigned in 2010.
Refutes allegations
As reported, Harlequin has refuted allegations of wrong-doing, and has said it regarded the FSA request for information from advisers as “merely a fact finding exercise… to determine the level of investment in Harlequin".
This, it said, was "a typical approach taken by the FSA across many products" and was "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," a Harlequin spokesman told International Adviser.
Investors began piling into Harlequin in 2010 and 2011, in response to marketing campaigns featuring such celerities as tennis pro Pat Cash, and "artists impressions" of newly-built resort facilities surrounded by swimming pools and palm trees. Resorts in the Harlequin portfolio included Buccament Bay in St Vincent, and Merricks Resort in Barbados.
An unexpected development occurred last week after the BBC suspended the producer of a television documentary that had been scheduled to have looked into the Harlequin story, and said it was "reviewing the facts", as Harlequin provided what it said was evidence of a possible offer of a bribe to a Harlequin security consultant.
