If you invested in the Harmony Bay Resort and Spa in the small town of Akbuk in Turkey then you may have found the deposit being raised from your pension.
The level of investment performance is directly based on the success of a country’s national tourism industry. Unfortunately, Turkey has suffered from major political and security issues, which had an impact on the hotel and wider group.
A Decline In Tourism
Turkey’s tourism industry faced significant challenges between 2016 and 2018 due to political instability, security concerns, and regional conflict. These factors initially led to lower tourist numbers and poor hotel occupancy rates, which impacted the ability of developments like Harmony Bay Resort and Spa to generate rental income and deliver expected investment returns.
While tourism in Turkey has since recovered strongly, those early years of instability played a major role in undermining the performance of such property-based investments.
Introducers That Were Not Regulated
Unfortunately, the lack of returns from investments made into the Harmony Bay Resort and Spa is not the only issue here.
It was also the case that those companies introducing pension transfers into a self-invested pension plan (SIPP) were not regulated. The financial advisor companies acted as middle men by just arranging the transfers into a SIPP.
When it comes to transferring an occupational pension, this would not be a suitable option for the vast majority of investors.
Act Now
If you are someone who has invested money in the Harmony Bay Resort and Spa then it is important that you have your original transaction reviewed by an expert. This needs to be done before time runs out so please act quickly.
If the business has not stuck to the required regulations and rules then you could be entitled to some compensation.
Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past.
