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Blackmore Bond – yet another failed investment?

Blackmore Bond – yet another reason why only regulated advisers should be used for investment advice. The clear link between the recently-failed LCF Bond and Blackmore Bond through Surge Group remind us how important regulated investment advisers are. In the news again is the troubled Blackmore Group. This time we read that they have ‘temporarily’ […]

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Transferring pensions to scammers – the ABC of shame

HOW DO PENSION SCAMS WORK? Every pension scam starts with a negligent transfer.  Ceding providers hand over millions of pounds to pension scammers every year.  Firms – from Aviva to Zurich – ignore warnings by regulators and HMRC.  The providers tick their boxes; the scammers make their millions; the victims are ruined. The ceding providers

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Pension Life blog - Lack of knowledge leads to loss of funds - rogue advisers

Lack of knowledge leads to loss of funds – rogue advisers

The Pension Scams Industry Group (PSIG) has carried out a pilot survey on pension scams. The survey has identified seven key findings and concluded that most scams are carried out by rogue advisers and unregulated “introducers”. This is something we write about regularly, so it is great that PSIG has finally caught up. Henry Tapper

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Store First v Insolvency Service Battle – the Insolvency Service’s Witness Statement

In the run up to the High Court proceedings to hear the Insolvency Service’s petition to wind up Store First, here is some background.  This is an abridged version of the Insolvency Service’s witness statement regarding the Store First pension investment scam.  It involved two bogus occupational pension schemes set up and administered by Stephen

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Raising standards – financial advisers and qualifications

I read an interesting article recently which has prompted this blog, written by Blair duQuesnay, CFA®, CFP® – an investment adviser at Ritholtz Wealth Management, LLC. Blair suggests that the most important change needed in the financial industry is qualifications. Poorly qualified advisers give poor investment advice. Bad investments advice leads to loss of funds. Blair has

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Who killed the pension? Scammers; ceding providers; introducers; HMRC?

In every pension scam there is one beginning, lots of middles, and always a wretched ending for the victim and a profitable ending for the scammers. The beginning is always a negligent, lazy, box-ticking transfer by a ceding provider – the worst of which always tend to be the likes of Standard Life, Prudential, Scottish

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Generali – jumping ship to avoid new regulations?

The mis-selling of life assurance policies and long-term savings plans has been a regular topic in our blogs.  Many victims of pension scams see their funds mis-invested into life assurance policies. These life assurance policies do little more than drain the fund value with their expensive fees and costs. Generali has for years been aggressively

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PENSION OMBUDSMAN COMPLAINTS AGAINST NEGLIGENT CEDING TRUSTEES

Pension Life is now submitting complaints to the Pensions Ombudsman against ceding pension trustees who handed over members’ pension funds to scams and scammers.  These negligent transfers have ruined thousands of lives and cost victims hundreds of millions of pounds’ worth of losses.  Some victims have already died and others are contemplating suicide.  Complaints against  negligent

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