FSA restricts Harlequin adviser’s pension permissions

The FSA has imposed a restriction on new pension business against an advisory firm linked to an alternative investment business promoting Harlequin Property.

According to the FSA register, TailorMade Independent Limited, must not carry on regulated activities in relation to new pension contracts.

The notice said: “TMIL may, however, carry on regulated activities in relation to regulated pension contracts for clients who, following advice received by TMIL, have had funds released from ceding pension schemes and that are now held in cash within their self-invested personal pensions (the ‘pipeline business’).”

It comes after Financial Adviser revealed that another TailorMade group company with the same directors, TailorMade Alternative Investments, had stopped promoting Harlequin products.

The FSA declined to comment on the reason for the restriction and also did not comment when asked whether advisory firms were being investigated regarding Harlequin products.

TailorMade Group has an advisory, self-invested personal pension and alternative investment business, with the same directors across the brands.

According to Companies House and FSA register searches, Alistair Burns and Robert Shaw are directors of TMAI and of Openwork-appointed representative TailorMade Financial Solutions, and a directly authorised firm TailorMade Independent, which operates a panel of preferred Sipp providers.

Mr Burns is also director of the TailorMade Sipp, a Sipp provider and trustee, which a spokesman said contains no Harlequin investments.