Two investors are taking TenetConnect to the Financial Ombudsman Service (FOS) after unsuccessfully trying to retrieve money lost due to what they claim was negligent advice to invest in an unregulated overseas property scheme.
Doctors Gerry Purdy and Sean Bennett lost £75,000 ($125,000) each after an unregulated investment in a Portuguese property scheme developed by Algarve-based golf tourism firm Oceânico, fell apart. The pair had invested in the high risk scheme on the advice of their IFA Ron Bulless of Solutions Financial Services - an appointed representative of the Tenet network at the time. They alleged their adviser had misled them about the unregulated nature of the investment and that the advice was "inappropriate and reckless" due to their low attitude to risk. Solutions, which had given the ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
