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 and still does from major political and security issues, thus having an impact on the hotel and wider group.
A Decline In Tourism
Some events that Turkey has experienced recently include failed military coups, terror threats, and bomb attacks. Together, all of these things have had an impact on tourist levels resulting in poor hotel occupancy rates, and the ability of the Harmony Bay Resort and Spa to generate rental income. The conflicts in Syria are also a major concern for many tourists and our Government has advised that tourists should not visit certain parts of Turkey. All of these things have had a big impact on how investments in the Harmony Bay Resort and Spa have performed.
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.
