FSA warning on investment in overseas eco development
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by Gill Montia
The Financial Services Authority (FSA) says it is concerned that some homeowners are being urged to take out a mortgage secured against their UK property to fund an investment in an overseas development.
The regulator has received reports that people are being approached about an opportunity to invest in the building of an overseas eco-resort, with Timeshare property owners especially being targeted.
Anyone approached should be aware that an investment in an overseas property is not regulated by the FSA and is therefore not protected by the Financial Ombudsman Service or Financial Services Compensation Schemes, if things go wrong.
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