Harlequin advisers netted up to 15% in commission

Advisers and agents selling clients investments in Caribbean villas run by Harlequin Property received commissions of up to 15%, according to a lawyer close to the situation.

Gareth Fatchett of Regulatory Legal, which acts on behalf of more than 1,000 investors in Harlequin, said "master agents" were paid commissions of up to 15% of the total cost price of the villas clients invested in, with sub agents receiving 9% of that. IFAonline has seen a document from Harlequin circa August 2012 offering to pay its agents up to 9% of the sales price of the property. On a £100,000 property, advisers and agents being paid the full 15% netted £15,000 in commission, Fatchett said. However, as most investors only paid deposits of 30% on their properties, once the £15...