Holborn Assets Dubai – under the questionable leadership of Bob Parker – has been responsible for ruining quite a number of victims’ pensions. With a deft waggle of the Holborn Assets magic wand, a pension transferred from a gold-plated final salary scheme can be reduced by at least 50% in just a couple of years. Trouble is, the magic kind of runs out of steam if asked to work in reverse.
Glynis Broadfoot and various other victims in Spain were “advised” by dodgy Holborn Assets’ advisers to transfer their pensions into a QROPS with Gower Pensions in Guernsey. Then the victims’ pensions were invested in toxic, illiquid, high-risk, professional-investor-only funds and shrank relentlessly. The problem was that Holborn Assets had no license to provide pension or investment advice in Spain. This is the sort of scam that the CNMV, the Spanish investment regulator, refers to as being operated by “chiringuitos” (bar flies) which translates as “scammers”. And the UK Pensions Regulator clearly refers to scammers as criminals.
So why is Bob Parker – from Dubai – gloating over Geraint Davies from Surrey? OK, Geraint’s firm Montfort International has been sanctioned – and very publicly so. And, knowing Geraint I believe he will take his punishment pragmatically and stoically. He has fought back from other challenges in the past and he will fight back from this. But at the end of the day, whatever other faults he may have, he does have respect for the establishment, the law, the regulators and the ethical sector of the financial advisory profession.
I suspect – if Geraint saw Bob the Knob’s post on the LinkedIn QROPS group – he will have had an ironic chuckle at the Bible-thumper’s hypocrisy. And if he had known that Bob’s response to his various victims’ distress and pleas for help had been “buzz off – case closed” he would most probably have been enraged that Parker the Not-So-Magic Marker should remark on the mote in Geraint’s eye and cynically gloss over the socking great forest in his own.
Of course, Geraint himself will certainly know that Parker’s top salesman is Paul Reynolds who has been sanctioned by the FCA (banned from regulated activities due to lack integrity and fined nearly £300k) and may even have had a wry smile to himself that a man who professes to be a devout Christian is prepared to employ a publicly-condemned pariah of the profession. But, of course, Reynolds is Holborn Assets’ best salesman – flogging toxic assets to ruin their clients – so it is worth keeping him in order to keep the wheels of Parker’s Rolls Royce well oiled.
So, am just wondering how the devout Christian Bob Parker is getting Holborn Assets’ DB pension transfers done now? What dodgy outfit is he using? Because it won’t be anything ethical or honourable. And whichever firm it is, it will be helping Holborn Assets ruin hundreds – or even thousands – of victims have their pensions decimated by execrable, unregulated investment advice.
Despite Parker’s hypocritical post on LinkedIn, I think Geraint Davies’ firm Montfort comes out of this considerably better than Holborn Assets. I have no doubt Geraint will have more success in plucking the mote out of his eye than Parker will in taking a whole sawmill out of his.