The Rimondi Grand SIPP investment allowed investors to invest their pension into a hotel resort in Crete by transferring their retirement fund into a Self-Invested Personal Pension.
But not everyone was told that the Rimondi Grand investment was a high-risk scheme, not regulated by the watchdogs at the Financial Conduct Authority.
Nor were some investors assessed properly for their suitability for such a high-risk investment, which has meant that many investors have already claimed for their mis-sold Rimondi Grand investment.
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The Rimondi Grand is yet another example of a high-risk overseas property investment that was widely mis-sold by financial advisers through SIPP pensions.
Fully named the Rimondi Grand Hotel & Spa and based in Crete, the investment was never regulated by the FCA, making it unsuitable for many potential investors.
Sadly, some financial advisers are known to have skipped the rules for this kind of investment either through negligence or due to high-end commissions on offer, leading many people to a mis-sold SIPP situation that threatens their retirement.
See if you can make a claim with the specialists at Spencer Churchill Claims Advice.
Several financial advisers and the FSCS have been paying out compensation over the mis-selling of Rimondi Grand and similar investments via SIPPs and SSASs for a few years, with Spencer Churchill Claims Advice often leading the claim on a No Win – No Fee* basis.
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.Speak with an expert
Way back in 2010, a Mrs H was introduced to the Rimondi Grand Hotel investment, as dealt with Premier Financial Solutions in order to set up the SIPP and investment.In 2015, the FOS upheld her complaint that PFS did not act accordingly, and PFS were told to compensate her for this high-risk investment.
A letter to clients from a large SIPP provider informed Rimondi Grand investors that due to “material uncertainty affecting this [the] investment”, they considered any Rimondi Grand investment to now be worth £1.