Tag: Concept Trustees

Stephen Ward – The Death of Trust

Stephen Ward of Premier Pension Solutions SL and Premier Pension Transfers Ltd and Dorrixo Alliance Ltd has now been banned from acting as a pension trustee by the Pensions Regulator.

Ward’s sidekick Anthony Salih – based at the notorious 31 Memorial Road, Worsley address – has been similarly banned. The ban has been in relation to the London Quantum pension scam operated by the pair in 2014/15.

TPR has been neither coy nor shy in its published determination against Ward and Salih – and has openly called the London Quantum pension scheme, and the risky investments which Ward made, a “scam”.

But to any reasonable person’s mind, tPR’s determination in relation to Ward and London Quantum raises more questions than it answers. In fact, I would go even further and say that HMRC’s and tPR’s incompetence – as well as Dalriada Trustees‘ own failings – should be examined in parallel with Ward’s multiple frauds.

Because, make no mistake, London Quantum was only one of many.

It all started long before the Ark Pensions scam. Ward set out his stall transferring pensions to New Zealand and liberating 100% “tax free”. He boasted in the local Costa Blanca press that he had “helped” thousands of clients liberate their pensions (legally). Of course, this may have been free of tax in New Zealand, but when the Spanish tax authorities catch up with these clients, there will be a very expensive disaster.

It is extremely worrying that IVCM – a “phoenix” of the Brooklands disaster – is also offering the same New Zealand liberation facility today. It always worries me when firms fail to learn the lessons of past scams and expose unsuspecting victims to the same catastrophes that past scammers orchestrated. Add to this the fact that IVCM is regulated out of Gibraltar – the jurisdiction of choice for scammers such as XXXX XXXX and STM Fidecs – and I think it is well worth giving IVCM a very wide berth.

Prior to 2010, Ward was a tied agent of Inter Alliance – a company based in Cyprus which had an insurance license. For Inter Alliance in Cyprus, Ward successfully created the illusion that this gave his company Premier Pension Solutions some sort of license. But, in reality, it did not – as the Cyprus license was only for Inter Alliance and not for any other entity. Plus tied agents were (and still are) illegal in Spain.

As a sideline, Ward was flogging EEA Life Settlements as he had discovered the delights of making huge commissions out of dodgy, risky, illiquid investments to his unsuspecting victims. In 2010, Ward was working closely with Concept Trustees in Guernsey – run by Roger Berry. Initially happy to see Concept Trustees’ QROPS members have 100% of their pensions invested by Ward in EEA, Berry eventually realised that Ward’s firm was not regulated as it had been dumped by Inter Alliance. Of course, even before it had been dumped, Premier Pension Solutions wasn’t regulated anyway. But Concept Trustees was too stupid to realise that.

Concept then wrote to all the members who were clients of Ward’s Premier Pension Solutions and warned them that Ward’s firm was neither regulated nor had any professional indemnity insurance cover. Berry claimed he would not be accepting any further investment instructions from Ward, but this was basically just a load of hot air (aka lying) as he continued to accept investment instructions into EEA by Ward.

In September 2010, Premier Pension Solutions was appointed as a tied agent of AES International – a firm based in London and Dubai. The agency agreement covered PPS for investment and insurance business – but not pension transfer business. Ward’s PPS letterheaded paper claimed that it was a “partner” of AES and that it was regulated by the DGS (Spanish insurance regulator) and CNMV (Spanish investment regulator). PPS also became a member of FEIFA – the Federation of European Independent Financial Advisers (although he was later dumped by them). You can understand why so many victims thought that PPS was a bona fide advisory firm.

Then came the first of Ward’s major pension scams: Ark. It is worth looking at the history of Ark because this sets the scene for how nearly 500 victims came to lose their pensions and face tax liabilities – as well as the dozens of further scams operated by Ward (including London Quantum).

A famous footballer and his mate – a football club owner – bought a plot of land in Larnaca in Cyprus with a view to turning it into a golf resort. They paid £1.1 million for the property, but then realised it wasn’t big enough for a whole golf course (neither of them was bright enough to be able to count up to 18) and so they tried to find some other investors. The chumps they tried to con into buying more land adjacent to the original plot either couldn’t come up with the money or were frightened off such a high-risk, illiquid investment.

So the sporty pair went to see the footballer’s accountant – Andrew Isles of Isles and Storer (now owned by LB Group). Isles soothed the sporty pair’s worries by telling them that securing more investors was simple: just start a pension fund! He introduced them to what he called “two leading pension experts”: Craig Tweedley and Stephen Ward. Tweedley was already operating the KJK Investments/G Loans pension liberation scam (later to be placed in the hands of Dalriada Trustees by the Pensions Regulator) and Ward was a highly-qualified pensions expert, examiner and author.

The rest is history as nearly 500 victims lost their pensions to the Ark scam. But the sporty pair did very nicely – they sold the land in Cyprus to the Ark scheme for £4 million and pocketed the profit. The footballer tried to hide the money in Dubai but got caught and turned Queens Evidence. He and the other original investor (the football club owner) fell out and they ended up in court against each other – with the footballer triumphing. Andrew Isles also did very nicely as he sold introductions to a number of his clients and earned fat commissions in doing so.

As Ark unfolded – between mid 2010 and mid 2011 – Ward initially acted as an introducer. There were various introducers – many recruited by Ward when he ran a series of seminars in various parts of the UK. But Ward himself was the biggest introducer – accounting for more than a third of the whole £27 million fund and earning approaching three quarters of a million pounds in fees (the Pensions Regulator’s report of £350k was way off the mark).

Ward and his sidekick – bent lawyer Alan Fowler of Stevens and Bolton Solicitors – acted as the controlling minds behind Ark. The scheme documentation and the “loan” contracts were drawn up and explained by Ward and Fowler. Of the 5% commission charged by Craig Tweedley, Ward got at least 2% plus a transfer fee. But Ward had his eye on a much bigger proportion of the fees. Towards the end of the life of Ark, Ward was preparing to take Ark over from Tweedley – along with an associate of his: Peter Moat (another pension crook who went on to operate the Fast Pensions scam – now also in the hands of Dalriada Trustees). In a way, it was a shame that didn’t happen, as Tweedley did at least try to help the Ark victims, whereas Ward never lifted a finger. In fact, he simply told the Ark victims to throw the tax demands away as “HMRC would never pursue them”.

In February 2011, HMRC met with Tweedley and Ward to discuss the “loans” – so HMRC knew perfectly well that Ward was the main brain behind the scam. It is, therefore, astonishing that they did nothing to stop him operating so many further pension scams.

Ark came to a shuddering halt on 31st May 2011, when tPR appointed Dalriada Trustees and the scheme was suspended. Dalriada went up to Yorkshire to confront Crag Tweedley and relieve him of all the evidence and files relating to the scam. Tweedley told Dalriada that all the records were held down at Ward’s Manchester office at 31, Memorial Road and he drove down to collect them from Anthony Salih. He arrived to find Salih removing all the Premier Pension Solutions fee agreements on the instructions of Ward (he managed to shred most of them – but did missed a few which I now have).

After Ark, Ward went on to run the Evergreen Retirement Benefits QROPS scam with accompanying 50% “loans” and a further 300 victims lost £10 million worth of pensions. HMRC removed Evergreen from the QROPS list when they realised it was a liberation scam and Ward fell back on two more UK-based, bogus occupational schemes: Southlands and Headforte. Plus, he registered a number of new schemes – including Capita Oak.

The Capita Oak scheme was another bogus occupational scheme registered by Ward with a fictitious sponsoring employer: RP Medplant (Cyprus). There is, however, a firm called RP Med Plant in Cyprus. The Capita Oak trust deed was written by Ward’s bent lawyer Alan Fowler. Ward took responsibility for the transfer administration – transferring valuable personal and final salary occupational pensions into this scam – in the full knowledge that he was condemning hundreds of victims to certain financial ruin and poverty in retirement. Capita Oak is now also in the hands of Dalriada Trustees.

Other pension scams that Ward was operating – in addition to Southlands and Headforte – from 2012 onwards included Feldspar, Hammerley, Meribel, Halkin, Randwick, Bollington Wood and Westminster. And, of course, Dorrixo Alliance which was the trustee for many of these scams. Capita Oak and Westminster are both under investigation by the Serious Fraud Office.

How much more evidence do they need?

In May 2014, HMRC was given evidence of all of Ward’s various scams – including Dorrixo Alliance. They were also given detailed testimony by me and a number of victims of what Ward had been up to in the pension liberation fraud industry since Ark. It would have been very easy for HMRC to look up to see what other pension schemes Dorrixo was trustee to. Had they done this, they would have seen that Dorrixo was the trustee for the London Quantum scheme. If HMRC had taken any action, they could have prevented Mr. N – a serving police officer – and 96 other victims from losing their pensions to Ward and his various dodgy, inappropriate investments (including loans to Dolphin Trust).

If we add to the above catalogue of scams the Continental Wealth Management scam – 1,000 victims facing the loss of £100 million worth of life savings – Ward has been responsible for the destruction of thousands of people’s pensions this past eight years. Plus several suicides and deaths from stress-related medical conditions.

SERIOUS QUESTIONS ARISING FROM THE PENSIONS REGULATOR’S DETERMINATION RE:

Mr Stephen Alexander Ward – The Pensions Regulator case ref: C46205159

Ward was a director of Dorrixo from 13 October 2011 to 28 April 2015. A company called Quantum Investment Management Solutions LLP (“QIMS”) has at all material times been the sole sponsoring employer of the Scheme. Dorrixo became the sole trustee of the Scheme on 19 April 2014. Dorrixo is also recorded as being the Scheme administrator.

HMRC AND TPR WERE GIVEN EVIDENCE OF WARD’S COMPANY, DORRIXO, IN MAY 2014. THEY WERE ALSO GIVEN EVIDENCE OF A LARGE NUMBER OF SCAMS WARD OPERATED AFTER ARK – ALL INVOLVING LIBERATION FRAUD. WHY WASN’T ACTION TAKEN TO PREVENT LONDON QUANTUM? ALL 97 VICTIMS – INCLUDING A SERVING POLICE OFFICER – COULD HAVE BEEN PREVENTED.

On 18 June 2015 the Regulator appointed Dalriada Trustees Limited (“Dalriada”) as an independent trustee to the Scheme, with exclusive powers.

HAS ONE SINGLE PENNY EVER BEEN RETURNED TO ANY OF THE PENSION SCAMS PLACED IN THE HANDS OF DALRIADA TRUSTEES? THERE ARE DOZENS OF THEM, AND FEW – IF ANY – OTHER INDEPENDENT TRUSTEES ARE EVER APPOINTED BY TPR. BUT THERE SEEMS TO BE NO RECORD OF ONE SINGLE MEMBER EVER GETTING ANY RETURN FROM ANY OF THE SCHEMES IN THE PAST EIGHT YEARS – DESPITE THE MANY MILLIONS DALRIADA HAVE PAID THEMSELVES FROM THESE SCHEMES.

Following its appointment Dalriada discovered that there were approximately 609 files on record relating to potential new members, each at various stages of progression towards becoming a new member.

AS THIS EVIDENCES THAT THIS SCAM COULD EASILY HAVE DWARFED ARK IN A VERY SHORT SPACE OF TIME, DON’T HMRC AND TPR RECOGNISE THAT THEIR LAZINESS AND NEGLIGENCE NEED TO BE ADDRESSED? THEY LEARNED NOTHING FROM ARK – AND WHILE THERE ARE VALID CRITICISMS OF WARD FOR HAVING LEARNED NOTHING, HE IS JUST A COMMON SPIV WHILE HMRC AND TPR ARE SUPPOSED TO BE GOVERNMENT DEPARTMENTS WITH A RESPONSIBILITY TO PROTECT THE PUBLIC. THE SCALE OF THIS SCAM SHOWS THESE TWO ORGANISATIONS ARE NOTHING BUT HOPELESSLY INEPT AND AMATEURISH IN THEIR APPROACH TO DILIGENCE AND PUBLIC RESPONSIBILITY.

The Scheme was promoted to potential new members by introducers. These included the following entities: GoBMV; Baird Dunbar; What Partnership; the Resort Group PLC; Friendly Investments; Premier Mark Consultants and Quantum Wealth Management Solutions Limited.

THE DANGERS OF THE SCOURGE OF “INTRODUCERS” SHOULD HAVE BEEN LEARNED FROM THE ARK SCAM IN 2011. WARD RECRUITED DOZENS OF THEM ALL OVER THE COUNTRY. AND YET NONE OF THEM HAS EVER BEEN BROUGHT TO JUSTICE FOR THEIR PART IN ARK, AND HAVE GONE ON TO OPERATE AS INTRODUCERS AND EVEN HOLD KEY CENTRAL ROLES IN LATER SCAMS. THIS INCLUDES FRIENDLY INVESTMENTS AND JULIAN HANSON – WHOSE SCHEMES ARE NOW ALSO IN THE HANDS OF DALRIADA TRUSTEES.

Gerard was responsible for producing template risk letters, member application forms, pro forma declarations stating that the person signing them was a self-certified sophisticated investor, member booklets and the statement of investment principles (of which there were four versions). Gerard sent these documents to members once they had been introduced to the Scheme by an introducer.

GERARD ASSOCIATES, RUN BY GARY BARLOW, HAD ACTED AS AN INTRODUCER TO WARD IN THE ARK SCAM. AND YET HE WAS LEFT FREE TO OPERATE IN THE SAME CAPACITY IN THE LONDON QUANTUM SCAM – AND EVEN TAKE ON A MORE CENTRAL ROLE. GERARD ASSOCIATES WAS AT THE TIME AN FCA-REGULATED FIRM – AND REMAINS SO TO THIS DAY. THE FCA HAS TAKEN NO ACTION TO REMOVE THIS FIRM OR TAKE ANY ACTION AGAINST GARY BARLOW.

GERARD ASSOCIATES’ GARY BARLOW WAS PAID £253,000 FROM THE LONDON QUANTUM SCHEME FOR DEFRAUDING VICTIMS INTO SIGNING AGREEMENTS THAT THEY WERE “SOPHISTICATED” INVESTORS. SO WHY HASN’T BARLOW BEEN PROSECUTED AND JAILED – AND MADE TO PAY THIS MONEY BACK TO THE VICTIMS?

A material number of the new members had a low or medium appetite for investment risk and, in any event, were unaware that the Scheme’s investments were high-risk investments. The Panel was troubled by the apparent disconnect between members’ appetite for risk and the high risk nature of the investments made by Dorrixo. Mr Ward accepted that the Scheme’s investments were high risk, but claimed this was made clear to new members in the Member Booklet.

I DON’T KNOW WHAT SORT OF DRUNKEN DUMMIES MADE UP TPR’S “PANEL”, BUT DID THEY SERIOUSLY THINK THAT ANY PENSION FUNDS SHOULD EVER INVEST IN HIGH-RISK CRAP? INDIVIDUAL MEMBERS’ APPETITE FOR INVESTMENT RISK IS IRRELEVANT – THIS WAS A PENSION FUND, NOT A CASINO.

The case against Ward was based on failures of competence and capability, and also a lack of honesty and integrity as well as Ward’s involvement with “pension liberation” as an introducer of members to the “Ark” schemes.

BUT TPR AND HMRC KNEW ALL ABOUT THIS BACK IN 2010 AND 2011. WHY DID THEY DO NOTHING TO PREVENT WARD FROM SCAMMING MORE VICTIMS OUT OF MORE MILLIONS OF POUNDS. THEY STOOD BACK AND WATCHED – DESPITE HAVING HARD EVIDENCE THAT HE WAS STILL UP TO HIS CRIMINAL MISCHIEF.

Mr Ward did not dispute that a company of his (Premier Pensions Solutions SL) was involved in introducing members to the Ark Schemes, but states that the relevant activity pre-dated any finding by the courts of pensions liberation and that Mr Ward had no knowledge that the schemes were being used for such activity.

BUT HMRC, TPR AND DALRIADA ALL KNOW THIS ISN’T TRUE. THEY HAVE ALL SEEN EVIDENCE THAT WARD AND HIS BENT LAWYER ALAN FOWLER ACTUALLY PRODUCED THE “LOAN” (MPVA) DOCUMENTATION AND EXPLAINED THE LOANS IN SOME CONSIDERABLE DETAIL TO THE VICTIMS. THE MPVA CONTRACTS WERE DRAWN UP BY FOWLER. IS IT REALLY CREDIBLE THAT NEITHER HMRC NOR TPR WOULD HAVE OBJECTED TO THIS STATEMENT?

The Panel did not consider there was sufficient evidence of Ward having actual knowledge of, or turning a blind eye to, the illegal nature of the activity of the Ark Schemes when carrying out his role as introducer before.

SERIOUSLY? I HAVE GIVEN EVIDENCE OF THIS TO BOTH HMRC AND TPR ON MANY OCCASIONS. THIS HAS BEEN DISCUSSED AT MEETINGS WITH DALRIADA TRUSTEES ON MANY OCCASIONS. EVIDENCE OF THIS HAS BEEN GIVEN TO THE SERIOUS FRAUD OFFICE ON MANY OCCASIONS BY VARIOUS VICTIMS AND ME. WHAT FURTHER EVIDENCE DID THE PANEL WANT? EVERY ARK MEMBER’S FILE WAS FULL OF SUCH EVIDENCE. EITHER TPR IS LYING OR IT IS INCOMPETENT. OR BOTH.

The Case Team also relied on certain alleged failures in relation to other pension schemes (called Headforte and Halkin), of which Mr Ward was a trustee. These are denied by him (e.g. an allegation of failure to appoint an auditor to those schemes) and the Panel did not consider it necessary to make findings in respect of them.

SO WHAT ACTION HAS TPR TAKEN IN RELATION TO HEADFORTE AND HALKIN? BOTH WERE BEING USED FOR PENSION LIBERATION FRAUD BY WARD – AND YET THE VICTIMS PROBABLY STILL HAVE NO IDEA WHAT HAS HAPPENED TO THEIR MONEY. IT IS ABSOLUTELY ASTONISHING THAT NO ACTION HAS BEEN TAKEN IN RELATION TO THESE TWO SCHEMES, PLUS ALL THE OTHERS WARD HAS BEEN OPERATING OVER THE YEARS.

Stephen Alexander Ward (date of birth 11 July 1955) is hereby prohibited from being a trustee of trust schemes in general. This order has the effect of removing the above-named individual from all or any schemes of which he is a trustee. By section 6 of the Pensions Act 1995, any person who purports to act as a trustee of a trust scheme whilst prohibited under section 3 is guilty of an offence and liable (a) on summary conviction to a fine not exceeding the statutory maximum, and (b) on conviction on indictment to a fine or imprisonment or both.

SO, WARD CAN STILL OPERATE AS A PENSIONS ADMINISTRATOR? CAN STILL DO PENSION TRANSFERS? HE IS BASICALLY FREE TO CARRY ON AS BEFORE. THIS MAKES HMRC AND TPR COMPLICIT IN WARD’S MANY CRIMES.

THIS IS NOT JUST THE DEATH OF TRUST, BUT OF ANY CONFIDENCE IN THE GOVERNMENT, REGULATORS AND CRIME PREVENTION AGENCIES TO PREVENT OR DEAL WITH PENSION SCAMS AND SCAMMERS.

October 30, 2018
FNB International Trustees – Guernsey
FNB International Trustees Guernsey has been caught facilitating financial crime. With their pants firmly around their ankles, they are now trying to “defend” their actions using law firm Carey Olsen and are threatening the victim of this crime with adverse costs. And this is what we always find so hard to comprehend: a trustee firm has been caught clearly acting negligently and complicit in a scam, and yet they are now attacking their own member for exposing the trustee’s negligence and pursuing the victim for damages. Let us hope we can trust in the judge to ensure FNB International acknowledges the difference between right and wrong: the firm took business from unregulated scammers and without question that was wrong.

We must also bear in mind that there is a regulator in Guernsey, and if he is sober and awake, we might even mention this matter to him and see if he is interested in doing a wee bit of regulating.

And thus it always is: the perpetrators of financial scams fight back hard against their victims with fancy, overpaid lawyers (in fact, one pension scam victim calls them “bloodsuckers”). In my view, these lawyers are just as bad as their guilty clients. Any self-respecting lawyer ought to refuse to represent those who facilitate scams which ruin innocent victims. And any self-respecting judge should see through such obfuscation tactics in court.

In a nutshell, FNB International Trustees (Guernsey – one of the World’s worst jurisdictions for accepting dodgy business from unlicensed scammers) permitted, and even encouraged, irresponsible investments which only served to earn the scammers commissions at the expense of the investor/member.

The victim, Manita Khuller, had started with a final salary pension of £331,000. In 2011, while living in Thailand, she was advised to transfer the pension to a QROPS by unregulated scammers – Professional Portfolio International Ltd (PPI). Her adviser was Gary Bradford and he was operating illegally in Thailand and is now under criminal investigation by the Economic Crime Division of the SEC in Thailand. Bradford and his accomplice Eric Jordan could each face up to five years in jail.

The transfer of Ms Khuller’s valuable Unilever final salary scheme was accepted by Guernsey-based FNB International Trustees. The firm claims to have “over 40 years pedigree in the provision of fiduciary services, with the expertise to meet your every need”. So, this so-called pedigree and expertise ought to have started with:
- Bearing in mind our aim is to meet your every need, is your adviser regulated? (Because if he isn’t, we won’t accept the transfer or any investment instructions).
FNB either established that PPI was not regulated – and didn’t care, accepting the business anyway – or they didn’t bother to check in the first place. Whichever way round it was, FNB was clearly negligent. The firm should have checked on PPI’s regulation, and when it discovered that FNB was unregulated, it should have refused the transfer and insisted it would only accept the transfer if Ms Khuller was represented by a regulated adviser.

FNB International Trustees then accepted investment instructions from unregulated PPI to purchase a Skandia insurance bond. These so-called “single-premium bonds” serve no purpose other than to pay the scammers high commissions; tie the victim into an early-exit-penalty period of between five and ten years; and cause a serious drag on the fund with the crippling quarterly “management” charges. These bond providers never do any actual “managing”, and these charges are merely their way of clawing back the commission paid to the scammers.

It is now widely accepted that such insurance bonds should never be used for pensions: a pension is a wrapper – you don’t need or want a second, unnecessary wrapper. Plus, it makes no sense to tie a pension saver into any arrangement for any length of time, since all members have a right to a transfer any time they want. In fact, in Spain, the Supreme Court has ruled such insurance bonds illegal and invalid if used for the purposes of holding single-premium investments – and we all hope this policy will be adopted across Europe and beyond.

FNB International Trustees then allowed Ms Khuller’s entire fund to be invested in three UCIS funds:

50% LM (Australian Property Fund)

25% Mansion Student Accommodation

25% Prestige Asset Management (Agricultural Finance)

FNB accepted investment dealing instructions from the unlicensed PPI scammers, and instead of rejecting these clearly irresponsible and inappropriate investments, FNB went ahead and used Ms Khuller’s pension money to purchase these three hopeless, high-risk, illiquid, speculative and entirely unsuitable funds.

Let us be clear: FNB is not any old dodgy trustee in a corrupt jurisdiction where the regulator, ombudsman and financial crime unit all play golf and quaff champagne with the perpetrators of financial crime. The firm holds itself out to be a responsible, professional and competent pension trustee. The so-called “key” people have, between them, many years of purported experience in financial services, trusts, banking and investments.

And yet this firm allowed Ms Khuller’s life savings to be invested in just three high-risk UCIS funds – inside a pointless insurance bond – all at the behest of an unregulated scammer – now under criminal investigation by the SEC in Thailand.

The rest is history: the LM and Mansion funds went “pop” (as many UCIS funds do). Ms Khuller lost £170k (at least). Obviously, she now wants out of the unnecessary insurance bond, and as far away as possible from the pension trustee, FNB International who so badly betrayed her trust and neglected their own fiduciary duties.

So, Ms Khuller – quite rightly – took FNB International Trustees to court in Guernsey. She represented herself in court – something that takes guts and conviction – armed only with an expert report on FNB’s failures. FNB tried to wriggle out of taking responsibility for the consequences of their negligence by using Carey Olsen Solicitors – who tried to claim that some of the information within the expert report went “way beyond the remit of the action” and was not relevant to the case. They said that “any expert report should be limited to mathematical quantification of loss”.

I am pleased that Carey Olsen acknowledges the importance of quantifying Ms Khuller’s loss. So, I have done the calculation for them:
- Original transfer value = £331,000
- Lack of reasonable growth over seven years @ 4% a year = £121,996
- Reasonable expectation of today’s value of fund (had the trustee done it’s job properly) = £435,573
- Loss = £435,573 – FNB’s transfer value
Let us say, for simplicity’s and argument’s sake, that Ms Khuller’s transfer out value is half what it was when she started – i.e. £165,500. Then the loss is £270,073. See? Simples. Who needs an expert witness? Or even a calculator – because I’ve already done the maths. I jolly well hope that both FNB and Carey Olsen are grateful.

However, this is the short and simple version of the story, but there is another very important dimension. By giving up a valuable final salary pension, Ms Khuller has surrendered a promise to pay her a certain retirement income for life. Therefore, my calculation above does not take into account the additional loss arising from the fact that even without the catastrophic investment failures, she would have needed a fund of approaching £800,000 to match the income she would have had if she had remained with the original scheme.

FNB doesn’t need to pay any over-priced lawyers because the solution to this case is simple: the firm behaves reasonably, honourably and responsibly; admits liability and makes a claim on its professional indemnity insurance. It won’t cost the firm a penny. And I will even write a series of nice blogs about FNB International Trustees saying what nice chaps they all are.

Of course, the real “fly in the ointment” will be Carey Olsen as this law firm will not want to give up the prospects of a nice juicy bunch of billables. The last thing they will want is an easy, amicable, quick and cheap resolution to this matter. They will probably advise their client to fight the case to the death and try to make out that Ms Khuller’s crippling losses are somehow her own fault.

So, if I were to get the opportunity to discuss this dilemma with the lovely guys at FNB, I would point out that they could gain a significant commercial advantage over their competitors Concept Trustees in Guernsey. Concept was flogging the toxic, high-risk, illiquid EEA Life Settlements UCIS fund to hundreds of low-risk, retail investors and permitting unlicensed Premier Pension Solutions to advise the victims. Concept has never paid any redress to it’s victims – so FNB could come out a real hero (as opposed to a villain).

Settling this matter with dignity and honour could, in fact, prove that FNB International Trustees is capable of meeting Ms Khuller’s every need.
July 3, 2018
UAE REGULATOR DOES A BIT OF REGULATING

International Investment has written a jolly good article about the recent action taken by the UAE Insurance Authority – headed up by His Excellency Ibrahim Al Zaabi. I quote from Gary Robinson’s article:

“In a statement on the Arabic version on its website the IA has issued a circular confirming the suspension (of Holborn Assets) for a period of three months or until it is satisfied that the company has improved its performance.

According to Dubai-based sources that International Investment has been speaking to, the IA has written to regulated insurance companies notifying them of their action.”

I have no doubt that Holborn Assets will rise to the challenge magnificently and in a dignified manner – and will recognise the fact that it is time for the routine misuse of all insurance bonds in offshore financial services to come to an end. I also doubt Holborn Assets will sell any more RL360 products.

The Continental Wealth Management debacle must surely serve as a perfect example of how and why insurance bonds should not be used at all – and indeed how and why structured notes should be banned altogether. And yet, despite the Malta FSC’s lukewarm change in regulations to ban advisers without an investment license and limit structured notes to 30% of a portfolio, useless/pointless insurance bonds and toxic structured notes are very much the norm across the offshore financial services landscape.

The Eagle-eyed Sheikh Al Zaabi has obviously spotted something that regulators in all jurisdictions which affect British expats have turned a deliberate blind eye to. Insurance products can, have been, and are routinely abused. And the abusers often cause heavy losses to thousands of unfortunate victims. His Eminence also obviously recognises that turning a blind eye damages not only the jurisdiction in question, but also the reputation of financial services in general.

Quite frankly, it is shameful and embarrassing how many regulators behave (or rather fail to behave).

The FCA takes no action even when their nose is rubbed into obvious fraud – and let the British Steel disaster happen under their very noses. In fact it took public-spirited independent financial services professionals such as Al Rush, Darren Cooke and Henry Tapper to take it on themselves to try to rescue the steelworkers while the scammers hovered like vultures. I would like to be proud to be British, but the FCA is a national disgrace and an embarrassment to all British citizens. I wouldn’t mind if the FCA was just lazy, but it simply doesn’t care about the interests of those who get conned and scammed.

The Guernsey FSC allowed many frauds, including trustees Concept Trustees to sell UCIS fund EEA Life Settlements even after the FSA “toxic” warning. And, of course, EEA Life Settlements itself. Then the stable door shut with a resounding clang as an ombudsman was brought in, but told not to hear any complaints prior to July 2013. This effectively excluded all the worst scams which were being carried out in Guernsey by the likes of Concept Trustees – which took business from Stephen Ward’s Premier Pension Solutions which neither had regulation nor professional indemnity insurance.

The Gibraltar FSC appears to actively encourage outright scammers such STM Fidecs – and when financial crime is brought to their attention they go fishing for a few small, wet fish. Talking of fish, I think it is very fishy that Paul Garner, now of the Gibraltar FSC, used to work for scammer XXXX XXXX at Global Partners Ltd – the firm that “advised” hundreds of UK-resident victims to transfer their pensions to an STM Fidecs QROPS. Then STM Fidecs allowed XXXX XXXX to invest 100% of 100% of these victims’ funds into his own UCIS fund: Trafalgar Multi Asset (now in liquidation). I genuinely don’t know at which point Paul Garner moved over from Global Partners Limited to the Gibraltar FSC……but I have a feeling his leaving do will be an exceptionally (and uncharacteristically) lavish affair – and I am very much hoping to be invited. I hear there will be something fishy on the menu and Garner’s good fortune will be toasted with something bubbly. I have no doubt the cleaners will effectively brush all the crumbs under the carpet after the party.

The Central Bank of Ireland will be put to the test when scammers SEB (formerly Irish Life) are put in the spotlight. CBI has known for years that SEB – led by Peder Nateus and Conor McCarthy – has been facilitating financial crime. SEB took £ millions’ worth of business from unlicensed scammers Continental Wealth Management and allowed the whole lot to be invested in toxic structured notes: “for professional investors only”. These notes – including the fraudulent Leonteq ones (over which OMI is now suing Leonteq) clearly warned of the “danger of loss of part or all of your capital”. And yet SEB sat there and watched while hundreds of CWM‘s clients’ victims’ life savings were destroyed – and did nothing. This has left many victims in despair and poverty – with some contemplating suicide.

Against this backdrop of extreme ineptitude and collusion amongst this collection of chocolate teapots, motorbike ashtrays and fishnet willy warmers, let us all hope that the UAE Insurance Authority shows all these no-hopers what effective regulation should look, smell and feel like.

June 28, 2018
David Trinkwon – EEA Investors’ Group – RIP

Pension Life was saddened to hear the news that David Trinkwon has passed away. David Trinkwon, coordinator of the EEA Investors’ Group had for a number of years campaigned passionately against EEA Fund Management (Guernsey) Ltd – “EEAFMG”) to help 1000´s of victims of the toxic, collapsed fund.

David Trinkwon established EEA Litigation Management early in 2016 to pursue legal action against EEA Fund Management in a class action for investors who have been trapped in the fund since 2011. Between 2005 and 2011, it is estimated that EEA Fund Management took in around £600 million from investors.

Redemptions of the EEA fund were suspended in November 2011 after then FSA managing director Margaret Cole branded traded life settlements ‘toxic’ products. However, an earlier warning was made to the industry in early 2010. But this was deliberately ignored by both advisers and pension trustees as the investment introduction commissions were a very juicy 15%. Advisers such as Stephen Ward of Premier Pension Solutions in Moraira in Spain were flogging as much EEA as they could get out of the door to earn these commissions, and QROPS providers such as Concept Trustees in Guernsey were offering EEA as one of their (limited number of) investment choices. Further, Concept was in some cases accepting investment instructions from Stephen Ward for 100% of victims’ pension funds to be invested in this one toxic, high-risk fund.

Here at Pension Life, we applaud the work David Trinkwon has carried out so steadfastly and passionately for years. His hard work will be sorely missed in the world of prevention and cure of investment and pension scams. I personally met David on several occasions – in London and here in Spain. He had a great knowledge of the world of offshore finance and devoted a great deal of his time and effort to trying to help the thousands of EEA victims.

May 31, 2018
International Adviser – Giraffe Awards

Looking at International Adviser’s 2017 awards, I really think the judges were having a giraffe (or they were very drunk).

“Best regular premium investment product – Hong Kong – Zurich International Life”

Seriously? This grim firm has one of the most expensive long-term savings plans on the market. A victim scammed into buying one of these toxic, inflexible products will pay 48.07% of their savings in fees to Zurich. To put this into real numbers, a victim who saves £366,600 over a 25-year period, will pay £176,240 in fees.

In this disgraceful long-term rip-off contest, Zurich is in the midst of the others who similarly overcharge their victims with these undisclosed charges: RL360 at 51.68%, Hansard at 51.28%, Generali at 47.08% and Friends Provident at 46.64%. Savers would be better off sticking their savings under the mattress, away from the greedy clutches of these rip-off merchants.

“Best regular premium investment product – Singapore – Friends Provident International”

OK, perhaps the least expensive of the big five, but still 46.64% is ludicrously expensive. These long-term savings plans are routinely mis-sold and victims end up losing most of what they have saved.

“Readers choice – Europe – SEB International”

This life office was routinely ripping off pension savers by taking business from unlicensed, unqualified, unscrupulous scammers Continental Wealth Management from 2010 to 2017. To the tune of 1,000 victims with £100 million worth of investments. About half of which has been destroyed. SEB stood by and watched CWM invest hundreds of victims’ life savings in toxic, high-risk, professional-investor-only structured notes. As the scammers gambled away millions of pounds, SEB kept taking their fees – based on the original investment value. In this case, all of SEB’s victims lost part or all of their retirement funds.

I HAVE DECIDED TO INVITE MY FRIENDS AT INTERNATIONAL ADVISER TO LAUNCH A NEW AWARDS CEREMONY:

THE GIRAFFE AWARDS

My proposal is that awards are given every year for the worst performers in terms of either operating scams or facilitating them. Let us be very clear – we are talking about financial crime here. It is extremely important that publications such as International Adviser do their bit in cleaning up the financial services industry. That is why these awards are so important.

The judges should be the victims themselves. Here are my nominations – but am more than happy for victims to suggest others:

Advisory Firms: Continental Wealth Management, Holborn Assets

Pension Trustees: Concept, STM Fidecs, Fast Pensions

Life Offices: SEB, Generali, Hansard

Funds: Blackmore Global, Trafalgar Multi-Asset, Christianson Property Capital

Structured Product Providers: Leonteq, Nomura, RBC, Commerzbank

Regulators: Isle of Man, New Zealand, United Kingdom

It is clear that regulators and ombudsmen are useless, limp and disinterested in how their respective jurisdictions operate financial crime so routinely. International Adviser could emerge the hero by exposing the appalling practices in offshore financial services which routinely destroy victims’ retirement savings. (Or not, as the case may be).

May 28, 2018
CONTINENTAL WEALTH MANAGEMENT – PREMIER PENSION SOLUTIONS’ SISTER CO

Continental Wealth Management closes 29.9.17

Continental Wealth Management (CWM) was a financial advisory firm based on the Costa Blanca in Spain. Headed up by Darren Kirby, there were – until earlier in 2017 – 35 people working at the firm. The firm claimed to have £50 million worth of assets under management and around 500 clients. The firm closed down on 29.9.2017.

During 2016/17, numerous clients of CWM began to realise that their pension and investment funds – managed by CWM – were shrinking in value dramatically. In fact, many clients had seen alarming losses being reported on their valuation statements and had asked CWM for an explanation. CWM had assured the distressed clients that these were “just paper losses” and advised them not to worry.

It has now become clear that in fact many clients have indeed suffered catastrophic losses and there is a very great deal of concern. One victim was taken into hospital on 25.9.17 with a brain hemorrhage and her husband fears that the distress of this situation has contributed to this life-threatening condition.

It is feared that up to 40% of CWM’s clients may have been affected by this situation.

BACKGROUND TO CWM

CWM “advisers” acted as sharks

In mid-2011, Stephen Ward’s Premier Pension Solutions (PPS) lost the lucrative Ark pension liberation scam when the Pensions Regulator placed the scheme in the hands of Dalriada Trustees. Ward had advised 160 victims to transfer £10m worth of secure pensions into this scheme on the promise of having 50% of their pensions paid to them in cash. He also assured them these payments would not be repayable or taxable and that the pensions would be invested in “high-end London residential properties”.

In the event, neither of these assurances turned out to be true. Dalriada is now making claims to recover the 50% liberations and HMRC has issued tax demands at 55% of the cash received (and the tax will still be payable even if the liberations are repaid). The High Court called the Ark scheme a “fraud on the power of investment”.

Having ruined 160 lives, and made up to £1 million profit out of the Ark victims, Ward immediately turned his attention to his next scam: Evergreen New Zealand QROPS and his Marazion “loans”. Having seen how easily victims could be duped into transferring their safe pensions with the promise of 50% liberation, Ward appointed CWM as “introducers” to the scam.

Here is an actual account by one of the Evergreen/PPS/CWM victims of what happened to her:

Mrs. A: “I was first cold called by CWM in 2011. I first met Phil Kelman of CWM in January 2012. I was told only positive things about transferring my pensions and to be able to take 100% of my pension funds.

This, however, changed after the first meeting and I was then told that due to the government closing loopholes I would only be able to get 50% of my pension fund and that the other 50% would be in the Evergreen QROPS earning enough interest over the 5 years to cover the 50% that I could withdraw (before the age of 55) – a win win situation!

There was no mention of the 50% being given as a loan until much further down the line. This was supposed to have taken 6 weeks at the most, but it actually took nearly 10 months. I was told that the “loan application” was a paper exercise just to cover things – I obviously have no proof of these conversations! Due to the fact that in the beginning it was not a “loan” there was no talk of a 55% tax charge, also as it was QROPS I was told it wouldn’t have incurred a tax bill.

I was not given any opportunity to say what the consequences of losing my pension or gaining an extortionate tax bill would be – either in the short or long term. If I had known of the huge risk of losing everything then obviously I would not have gone ahead. I did not state that I was willing to risk everything to get the “loan”.

I was told that Evergreen was a safe place for my pension to be as Evergreen was “approved”. I was given a graph to show how my pension would not only make the 50% back up but make more on top of it.”

Marco Floreale – former CWM “adviser” – now MD of Carrick Wealth

Mrs. A’s case was handled by CWM’s Marco Floreale (now Managing Director of Carrick Wealth) who claimed to be the managing director of CWM. Her secure, final salary, £100k Royal Mail pension was transferred to Evergreen and she was forced to sign a five-year “lock in” before receiving her “loan”. The loan agreement issued by Stephen Ward included annual interest at 8.5% compound which would mean that her £50k loan would have increased to £75k at the end of the five-year term. She was also charged more than £10k in fees.

There are now around 300 victims trapped in Evergreen as they are not allowed to transfer out. Ever. Between them they have lost £10m worth of pensions. The CWM personnel involved in this scam claimed that PPS was their “sister” company and have offered no help or compensation for the victims’ losses and terrible distress. One victim died of cancer in February 2017 and her husband is convinced that the stress of the Evergreen situation brought on the disease.

Phil Kelman, Jon Meek, Robert Pearl, Gemma Broad and Anthony Downs were among the CWM personnel who assured the victims that the transfers were in their interests as well as safe and prudent. It was, of course, later discovered that the Evergreen fund was invested in illiquid, high-risk, toxic funds – including personal, unsecured loans. Evergreen was removed from the QROPS list in November 2012 and the victims have now been told they can never transfer out.

It is not known how many other Stephen Ward/Premier Pension Solutions scams CWM was involved in, but when Evergreen got shut down CWM started acting as “advisers” to British expats in Spain and France. They were still working with Stephen Ward of PPS who provided the transfer advice. It is now thought they advised more than 500 people and that around 40% of these have suffered crippling losses to their investments.

I do not know whether CWM ever disclosed their previous involvement with Stephen Ward’s scams to the clients – although it is doubtful that any people would have felt comfortable using CWM had they known they had been responsible for the 300 Evergreen victims. Certainly, CWM did not disclose their past activities to either Trafalgar International or Momentum Pensions – had they done so they would never have been given terms of business by either firm.

From 2013 onwards, CWM invested hundreds of low to medium risk clients’ investments in high-risk, illiquid assets. CWM completely ignored the suitability issue and paid no heed to the clients’ preference for safe, low-risk investments. Clients’ signatures were repeatedly copied and once the losses started to appear, CWM assured them that there was nothing to worry about and they were “only paper losses”.

When asked why so many clients were put into professional-investor-only investments, CWM replied that the investors themselves were not the clients; but the insurance companies were the clients. When I showed CWM evidence of forged signatures on dealing instructions several months ago, there was no response then and no further communication from them subsequently.

In mid-September, it was reported that Darren Kirby and Anthony Downs had both resigned from CWM and on Friday 29^th September 2017 the firm closed down altogether. CWM is rumoured to have tried to become a tied agent of a Cyprus-based firm called Woodbrook. But it is further suspected that Woodbrook has finally come to the conclusion that such an alliance may not be prudent.

The most important thing now is the restitution of the victims’ funds. OMI, Trafalgar and Momentum Pensions, have come to the table to try to find a solution and restore of the victims’ pensions and investments. If we can achieve an equitable settlement, this will be a first in European financial services. However, the parties who have not come to the table are life offices Generali and SEB, as well as other pension trustees including Concept, Sovereign, Pantheon, Elmo and STM. It is no surprise that STM have not come to the table, because they pulled up the drawbridge in the Trafalgar Multi Asset Fund scam, run by XXXX XXXX – now under investigation by the Serious Fraud Office.

I would like to thank all the victims for their patience so far. But it has now finally run out – unsurprisingly. The mood has darkened and victims want action. A valuable information and commentary resource is the Repdigger forum. One interesting post recently reminded contributors that it was Stephen Ward of Premier Pension Solutions who provided the initial transfer advice. Nothing changes.

Stephen Ward is also connected to Capita Oak.

pension-life.com/top-10-deadliest-pension-scammers-hmrc/

October 1, 2017
TRUSSED BY A QROPS TRUSTEE?

Philip Hammond’s surprise 25% tax on QROPS transfers will leave many advisers and trustees floundering as the industry tries to make some sense of the long-term consequences for expatriates and their pensions. The uncertainty of the “five-year” change of circumstances rule will leave a huge question mark over the offshore landscape.

But while the industry ponders the fall-out of the Hammond organ, the “elephant in the room” is far more sinister: offshore trustees who have accepted business from scammers. This has been a serious problem since at least 2011, and the fall-out is £ millions of pounds’ worth of pension losses and sometimes tax liabilities for the thousands of victims.

Regulators, ombudsmen and financial crime units are now being sent detailed reports on thousands of cases where trustees have either been in league with the scammers or simply turned a blind eye to obvious scams – putting profit before due diligence (either accidentally or deliberately). The distinction between the varying shades of grey is sometimes somewhat subtle, but it always has the same outcome: pension losses for the victims.

The jurisdictions affected include New Zealand, Guernsey, Malta and Gibraltar principally (although not exclusively). Whatever problems there may be with Hammond’s 25% blow job, the culpability of rogue trustees will hopefully now become a hot issue – and victims will stand a better chance of obtaining redress for their losses.

In Guernsey, from 2010 onwards, Concept Trustees was routinely accepting business from Stephen Ward of Premier Pension Solutions. Although Concept was warning some victims that Ward had provided no evidence of regulation or professional indemnity insurance – and refusing to communicate with him – this did not stop Concept from accepting transfers and dealing instructions from Ward. Concept should never have been offering members investments in toxic, high-risk funds such as EEA Life Settlements and Connaught Property Loans. In fact, the FSA had issued warnings about EEA in February 2010, but Concept continued to offer this to low-risk, cautious investors in the full knowledge that it was an entirely unsuitable investment for a pension fund.

At around the same time, Gower Pensions in Guernsey was accepting business from Dubai-based Holborn Assets. The firm was not licensed for pension or investment advice in Spain – or for any activity beyond wearing an expensive suit, regurgitating convincing, high-pressure sales patter and having an impressive leather-bound portfolio. Despite several years of communication with both Gower and Holborn, a derisory amount of compensation for heavy pension fund losses has been offered (and refused).

In 2012, New Zealand’s Evergreen Retirement Trust launched a pension liberation scam with Stephen Ward of Premier Pension Solutions. Three hundred victims – mostly Spanish residents – transferred their UK pensions (aggregate value of around £10 million) to Evergreen and obtained 50% “loans” from Ward’s Cyprus-based Marazion loan company. The loans were financed by the assets of the scheme and the victims were tied in to both the loan and the pension scheme for identical five-year periods. This particular chicken is coming home to roost later in 2017 and it will be interesting to see how the various parties in New Zealand and Spain who were behind this scam will try to escape liability and culpability.

In the last couple of years, pension scammers have moved away from the bogus occupational scheme approach and into QROPS – which they find even easier to use, abuse and lose. In 2015, Malta-based Integrated Capabilities started accepting transfers into their Optimus scheme from unlicensed scammers in the Czech Republic. These same scammers were also the distributors/promoters of one of the toxic, high-risk UCIS funds being used as the assets of the scheme. Despite Optimus having Lombard Bank (purportedly) as Investment Manager, there seems to have been an absolute lack of due diligence or transparency. In fact, had Integrated Capabilities bothered to look a little closer at the scammers they were getting into bed with, they would have seen that one party had been a cold-calling operation behind the Capita Oak £10 million scam.

But Gibraltar’s STM Fidecs probably takes the biscuit – or even the whole shopping trolley. In 2014, STM started accepting transfers from UK residents by an unlicensed firm which had also been involved in Capita Oak and other scams. This firm was not only the adviser but also the investment manager to the toxic UCIS fund that the victims’ pensions were invested in. This fund – the Trafalgar Multi Asset Fund – was invested entirely in German property development loans (which pay handsome introduction commissions to the introducers) and is now suspended and being wound up.

While it is clear that Hammond hasn’t a clue about pensions in general or QROPS in particular, his 25% surprise may have had unintended consequences in that it will shine the spotlight firmly on negligent offshore trustees who facilitate financial crime – either through omission or commission. Whether the regulators, ombudsmen and financial crime units in New Zealand, Guernsey, Malta and Gibralta will order these trustees to compensate their victims remains to be seen. The survival of these offshore jurisdictions as “safe havens” for financial business depends on them cleaning up their act and outlawing unlicensed operators profiting from trustees’ lax approach to due diligence.

The future of the QROPS may be uncertain, but the future of pension trustees such as Concept, Integrated Capabilities and STM Fidecs should be very clear: no dealings with scammers; no toxic UCIS investments; no failing to compensate victims who suffer pension losses through negligence and/or fraud.

March 13, 2017
Life at Pension Life Fighting Scams – Behind the Scenes

My name is Nikki Mitchell. Lets peep behind the scenes at life at Pension Life, fighting pension scams. I’m the newest member of the team. I started in June 2016 – there was a lot to learn in six months. I am PA to Angie, but most importantly I handle a wide variety of tasks.

Angie has been defending people scammed out of their pensions since 2013. My colleague Sue Halfyard’s role is member administration. She completes all the essential documentation that we, HMRC, Dalriada Trustees and the solicitors need. Sue also liaises with HMRC on the unauthorised payment tax appeals and helps Angie prepare for the Tax Tribunals. Elizabeth is our website and blog-writer and is currently on maternity leave.

Our website is not only a place to inform people of the work we do, and how we can help people who have fallen foul of pension scammers, but it also serves as a platform to warn others about scammers, so that hopefully we can stop them losing their life savings.

We are currently dealing with over 30 different schemes:

Ark; Axiom UP; Barret and Dalton; Baxendale Walker; Capita Oak; Confiance; Continental Wealth Management; EEA/Concept Trustees; Elysian Fuels/SIPPS; Evergreen QROPS; Headforte; Henley; Holborn Assets/Gower Pensions; Holbrook Capital; KJK Investments; Ledger and Simmons; London Quantum; Malvern; Mendip; RL360; Hansard/Trafalgar; LM; Optimus Retirement Benefit Scheme No 1; Peak Performance; Pennines; Salmon Enterprises; Store First SIPPS; Trafalgar Multi Asset Fund/STM Fidecs; Tudor Capital Management; Westminster; Windsor Pensions.

Sadly, most months we hear about new ones.

Day to day work in the office consists of managing Angie’s crowded diary, keeping the accounts, liaising with members to keep them abreast of new developments, preparing scheme and member files for the legal teams, responding to the demands of HMRC and various trustees. I also work on campaigns to raise awareness of pension scams, or to campaign for changes in the law to protect pension investments.

My first few weeks passed in a whirl of new jargon and abbreviations – UTR, Q10, MPVA EIS, PCLS, etc. Some days I spend the day designing and completing databases with members’ information for the solicitors. Other days I’m number crunching the transfer and loan amounts for an individual scheme. Some days we all have to change direction as there has been an urgent development. A recent example of this was the Standstill Agreements sent out by Dalriada – the trustees of the Ark Pension schemes. Our first member received an agreement in August 2016. We have warned all the members that they will be receiving one, and worked with our solicitors to redraft the agreement to protect the members’ interests.

Being a small, busy team in a hectic office, there is never a dull moment. Aside from the daily nitty-gritty of the work, there are also the heart-breaking accounts of the members who have been scammed out of their pensions. Consequently, I have felt disbelief at the cruel contempt of the scammers. Reading members’ stories of how they were conned into investing their entire pensions or life savings into dodgy, illiquid schemes is utterly heart-breaking. Speaking to people who have lost everything – their homes, their marriages and their health – through the actions of these arrogant, greedy con-men fills me with horror.

The greatest shock to me since joining Pension Life has been how the scammers have continually got away with fraud and theft for years. Also, how ceding providers routinely transfer pensions with hardly even the most rudimentary checks. It has amazed me how so many different types of pension scams are allowed to be set up time and time again, with no thorough controls by HMRC or the regulators. Moreover, I can’t understand why it takes so long for the scams to be shut down – long after they have been identified.

We may be a small team here at Pension Life, but with the government’s recent realisation that cold calling needs to be outlawed and the consultation on pension scams:

https://www.gov.uk/government/consultations/pension-scams

we are hopeful that there may finally be light at the end of the tunnel for existing victims and jail for the scammers.

January 2, 2017