Our clients invested into Dolphin Trust, later known as German Property Group, in 2017. They did so by purchasing a loan note for £20,000.00 following advice from Active Wealth (UK) Limited.
The Dolphin Trust, now known as The German Property Group (GPG), is known as an unregulated property investment scheme. It specialises in purchasing listed German buildings to refurbish them as luxury apartments. Although it may seem like an attractive investment (GPG) scheme for your pension, it has been estimated that £600 million of pension savings has been lost to this scheme. Not a penny of this money has re-appeared after the scheme has clearly failed on delivering any of its promises.
Following the collapse of Active Wealth, the clients submitted a claim to the FSCS to claim back their lost investment. The FSCS rejected their claim on the 9th July 2020 stating that direct investments in Dolphin Gmbh Loan Notes are not FSCS protected as they are not FCA regulated. The FSCS have took the same stance for all direct cash investments into Dolphin, leaving potentially hundreds/ thousands of people without compensation.
We took on the case to appeal against the FSCS’s decision, we subsequently got a barrister’s advice and submitted several appeals on behalf of all our clients who invested directly into dolphin. On the 16 July we received confirmation that our appeal had been upheld for these clients and they will be compensated with the full amount claimed: £20,000.00. This decision marks a complete change in the FSCS’s approach to these claims.
How can Smooth Commercial Law help?
Are you a Dolphin Trust/German Property Group investor? We may be able to help.
If you think you are the victim of a mis-sold SIPP from The Dolphin Trust, or if your SIPP is not performing as you were told it should be, then please get in touch with our specialist mis-sold SIPP solicitors to see if we can claim compensation for you.
At Smooth Commercial Law, our team of experts have experience in dealing with a whole manner of claims that arise from negligent, fraudulent and/or unsuitable financial advice, including unsuitable transfers from pensions. We are seeing an increase in claims for mis-sold pensions and unsuitable investments and have managed to secure compensation for many of our clients.
Should you have a claim for negligent financial advice, we can deal with your case and look to recover compensation for not just your loss of investment but also any adverse tax liabilities that you may now be facing as well.