Tag: Guardian Wealth Management

Ten Essential Standards For Pension Advice
Ten Essential Standards For Pension Advice:

The ongoing war against pension scammers continues with no sign that the end is near. The authorities stand idly by – facilitating mis-selling and outright fraud.

HMRC happily registers pension scam after scam after scam (followed by tax demands). Prosecutions are few and far between.

The only conclusive way to stop scammers is to ensure there are no victims for them to scam. AND the only way to do this is to educate consumers and drum the TEN STANDARDS into them.

PENSION SCAMMERS MUST BE STOPPED!

Ten Essential Standards For Pension Advice:

Do you know what a pension scammer looks like? The unfortunate answer is, he looks like any other Tom, Dick or Harry (or James, Stephen or Darren) walking down the street. Not only is he good at disguises, he also has the gift of the gab and he will have you convinced that the pension transfer he is offering you will pave the rest of your life with gold. In reality though, the gold will be short lived (or non-existent), and some or all of your fund will probably go poof! (along with the adviser).

Much as a master illusionist takes your breath away with his magic, a master scammer takes your money away with his silver tongue. You will be left wondering just how this smart-looking, sleek-talking ‘adviser’ managed to leave your pension – and probably your life – in tatters.

We have compiled a list of ten standards that EVERY firm offering pension advice should adhere to. Every qualified adviser working for an advisory firm should also be able to meet all of these standards. On Facebook recently, one reader stated: “Why would anyone respond to an unsolicited offer to manage their money from a complete stranger?” The answer is, “I don’t know, but they do!“. So, get to know a financial adviser long before you let them anywhere near your finances.

In the case of Capita Oak, for example, we saw many targeted victims who were struggling financially. So, the offer of a lump sum release and the opportunity of an investment that promised “guaranteed returns” was music to their ears.

Many of the victims didn’t stop to think; didn’t pause to ask the right questions; or do any research to make sure the pension offer came from a viable, credible, regulated firm. The victims just said “yes” as they thought the transfer would make life easier.

For example, with the awful benefit of hindsight – six years on – the Capita Oak victims are grappling with tax demands from HMRC and the possibility that the investment they are trapped in will go into liquidation. These people all wish they had stopped and thought before going ahead.

Sadly, the Capita Oak members who were defrauded by a bunch of scammers, (many of which are under investigation by the Serious Fraud Office) such as XXXX, Stuart Chapman-Clarke and Stephen Ward, are not alone. Thousands of other victims of both UK-based and offshore scams and mis-selling are facing similar regrets: these include victims of scams such as Evergreen New Zealand QROPS; Fast Pensions, Trafalgar Multi Asset Fund/STM Fidecs; Blackmore Global Fund; and Continental Wealth Management.

Mastermind serial scammer Stephen Ward has orchestrated a whole array of different scams over the last nine years. One of the biggest ones was Continental Wealth Management – a 1,000-victim scam. Ward was once a fully qualified and registered adviser and a pension trustee. He has destroyed dozens of pensions funds and thousands of victims’ lives. Yet he has never been prosecuted or forced to pay back even one penny of his victims’ losses. Only at the end of 2018 was he finally banned from being a pension trustee.

Most of the known scams used cold-calling techniques to reel in their victims. Whilst we saw a cold-calling ban on pension sales in 2019, we have already had reports that sneaky firms have changed their scripts to avoid fines. AND we are now seeing scammers focus their targets back onto expats. Which makes us worry there will be more QROPS disasters in the pipeline from now on.

Just a few minutes of research – as well as knowing the right questions to ask and understanding what standards an adviser and firm should adhere to – could have prevented past victims from losing so much of their precious pension pots. We can’t change what happened in the past – other than to take action against the scammers and negligent advisers – but we can help consumers understand what they should be looking for in an adviser:

STANDARDS ACCREDITATION CHECKLIST FOR FINANCIAL ADVISERS:
1. Proof of regulation for all services provided by the firm and individual advisers in the jurisdiction where advice is given
2. Evidence of appropriate qualifications and CPD for all advisers
3. Professional Indemnity Insurance
4. Details of how fact finds are carried out, and how clients’ risk profiles are determined and adhered to
5. Details of the firm’s compliance procedures – assuring clients of the highest possible standards
6. Clear and consistent explanation and justification of the use of insurance bonds for pensions and investments
7. Clear policy on structured notes, UCIS and in-house funds, non-standard assets and commission-paying investments
8. Full disclosure of all fees, charges and commissions on all products and services at time of sale, in writing
9. Account of how clients are updated on fund/portfolio performance
10. Evidence of customer complaints made, rejected or upheld and redress paid
If the firm you are thinking about using for your pension transfer do not adhere to all of these standards, find one that does. Your pension pot is your life savings – so don’t entrust it to any old unregulated firm or dishonest scammer. Remember, thousands of victims have already failed to ask the above ten questions – and will regret it for the rest of their lives.
March 11, 2019
NOVIA GLOBAL VS OLD MUTUAL INTERNATIONAL

The problem with money is that it blows away if you don’t hold it down, tie it up or stuff it down your knickers. That’s why you need to put it somewhere safe: in a shoe box on top of the wardrobe; under your mattress; in the safe or – if you’re feeling really brave – in the bank. Trouble is, left in cash, money shrinks (inflation, charges, moths). This is why so many advisers recommend a platform – aka “somewhere safe” to keep your money.

So, let’s look at two possible alternatives: the Novia Global platform and the Old Mutual International “bond”.

I’ve met Bill Vasilieff who runs Novia Global. He serves Earl Grey and nice biscuits. A man of few words, and even fewer syllables, he gave me a quick rundown on how the Novia Global platform works – and how much it costs.

I haven’t met Peter Kenny of Old Mutual International (OMI) – although I have spoken to him several times. As broadly Irish as Bill is Scottish, Peter Kenny also comes across as a softly-spoken and sincere chap. But there the similarity seems to end. Peter stood me up – I got a view of his office waiting room but wasn’t offered a cup of tea (let alone a biscuit).

Mind you, there isn’t much I don’t know about the Old Mutual International bonds. I’ve seen thousands of their policyholders’ statements – and they are frighteningly ugly and depressing. They accurately, faithfully and unemotionally report the destruction of their victims’ atrocious losses. And OMI regularly (like clockwork!) take their quarterly fees – irrespective of how deep the destruction of the policyholders’ funds is. In fact, some victims even find themselves in negative figures as OMI continue to account for their fees long after the whole blooming lot has gone.

Anyway, back to Bill and his welcoming teapot….I can’t really compare him to Pete but I can compare the two products. So here is a brief and brutal side-by-side line up of what the two “platforms” offer. And how much they cost. And how difficult they are to get out of. And how much financial crime they are associated with.

So the OMI “life bond” costs almost six times as much as the Novia Global platform. But that is if you are locked in for five years. You can get it cheaper – 1.15% – if you get locked in for ten years. But you must remember that if you are scammed, then OMI will have paid the scammer an 8% commission and you could get stuck with paying the quarterly fees for the next ten years, even if you’ve figured out you’ve been scammed. And the quarterly fees are based on your original investment – not on the impaired amount. If you’ve been scammed, and your fund value drops inexorably, the 1.15% will become bigger and bigger. And even if you lose your whole fund, OMI will keep taking their charges and pushing you further and further into debt.

A bit like the lyrics to Hotel California, with an OMI “bond”, you can’t check out any time you want, and you can only leave after between five and ten years. OMI will take that number of years to claw back the commission paid to your adviser – even if you have long since learned that your adviser was an unregulated scammer and has conned you into unsuitable, high-risk, high-commission investments that have badly damaged your fund. You are stuck with paying the quarterly fees to OMI – even after your whole fund has gone. One victim went from plus £300k to minus £25k – and counting. As your funds inside the OMI bond shrink, the 1.15% grows and helps destroy what is left of your fund even faster. But with the Novia Global platform, you can leave any time you want. No exit penalties. No hard feelings.

In Spain, the Supreme Court has ruled that bogus life assurance policies – such as those provided by Old Mutual International – used to hold investments are illegal. This is because they are neither proper insurance policies (which take risk in the interests of the consumer) nor are they proper investment platforms. The Spanish aren’t stupid – they can spot a scam much more easily than other jurisdictions and take action to prevent them from ruining future victims. This is in stark contrast to the likes of the Isle of Man and Gibraltar – which seem to revel in encouraging scams and protecting firms such as Old Mutual International (and STM Group) which facilitate financial crime on a massive scale.

January 30, 2019
Guest Blog: A new model challenge to the offshore sharks
This blog was writtern almost nine years ago by:

Carl Melvin BA (Hons), MSc, CFP, FPFS, Chartered FCSI

Certified & Chartered Financial Planner, Affiliate of the Society of Trust & Estate Practitioners, Chartered Wealth Manager.

Somethings don’t change!

A new model challenge to the offshore sharks

The arrival of wraps allows fee-based financial planners in the UK to offer a sound, client-focused service to expats, who up until recently have been easy prey to unscrupulous offshore IFAs.

The offshore environment offers unethical ‘advisers’ protect investors and ensure professional behaviour.

The offshore IFA is assisted by the offshore insurance company. Many are the international divisions of well-known UK insurance companies, which trade on their brand awareness and trust with the public. All too often, the providers create poor quality offshore plans that help the offshore IFA sell the scam to the expat investor.

Such plans exhibit the following features: l Complex charging structures – with multiple charges such as establishment fees, percentage or flat administration fees and policy charges. l Restrictive terms/lack of flexibility – the providers use obfuscation to hide the lack of flexibility, even though the offshore IFA sells the plan on the basis of flexibility. Enhanced allocation, establishment periods, surrender penalties for early termination or even reducing the level of contribution are commonplace. Such contracts are wholly unsuitable for expatriate clients.

High charges – the total costs for such plans are huge but because they are layered between multiple charge types, such as those above, the investor does not fully understand how expensive the plan is.

In short, these plans are designed to make the product provider and the offshore IFA money, rather than serve the client. Their purpose is to hide big commissions for the salesperson and the massive penalties should the client stop the plan early.

One ploy that continues is the ‘extended term’ swindle. Here, the salesman sets up the offshore ‘regular savings plan’ with a term of, say, 20 years or more, even though the expat investor may only have a work contract for three to five years in the country in question.

So why not set the plan term to three or five years? Because the longer the term, the bigger the commission. Unfortunately, if the client stops the plan or reduces the contribution level, there are often very severe penalties or administration costs. It is not uncommon for the first two or three years’ contributions to be taken in charges, leaving the investor with nothing after saving for years – outrageous!

No redress

But then, how are you going to obtain redress? The provider will say the advice was given by the adviser firm, who in turn will blame the individual adviser who happens to have left the company or country. Nor is there any effective ombudsman service to enable the client to be compensated.

The offshore IFA sector demonstrates the following qualities:
- Lack of professional standards regarding
commission disclosure and treating customers fairly rules l Low levels of professional qualification
- A sales-led approach rather than a client-centric, service-based approach l Dubious integrity and honesty
Expats often have high tax-free salaries but no UK pension scheme benefits, so there is a real need for them to engage in financial planning and invest for the future. They are vulnerable to offshore IFAs, many of whom do not behave ethically.

There is a real need for the New Model Adviser® to engage with the expat community. Such clients would benefit from the higher professional standards, transparency and lack of commission bias that is provided by a fee-only approach.

Technology now makes it possible for UK financial planners to service expat clients wherever they may be. Email and web conferencing have dissolved the barriers to service that existed before.

The emergence of wrap platforms will be the final nail in the coffin of the offshore products pedalled by offshore IFAs. Wraps offer a simple, transparent, flexible and comprehensive wealth management service for expat investors.

Offshore salesmen move aside – the new model expat adviser has arrived!

Carl Melvin (CFP) is managing director of Affluent

Financial Planning
December 5, 2018
Nitwit or Dragonfly? Gambling or Investing?

Nitwit or Dragonfly? Gambling or Investing? Are investment losses as a result of a bad adviser or a bad investment? Or both? The real question is: how does the consumer tell the difference? A favourite episode of Fawlty Towers involved Basil’s ill-fated bet on a racehorse called Dragonfly. Confusion sets in – fuelled by the easily-confused Manuel – and “Dragonfly” gets muddled up with “Nitwit”. And that is how clients get confused just as easily: by advisers who spout the usual rubbish: capital protected; guaranteed returns; blue-chip investments; solid providers etc. They just leave out the three most important things: the fat commissions paid to the adviser; the high-risk nature of the “investment” and the fact that structured notes are FOR PROFESSIONAL INVESTORS ONLY (and not for retail investors).

Equally befuddled – but much less funny – this past few days, has been a bunch of nitwits posing as financial experts on Linkedin. Almost as barmy as Basil and Manuel, these comedians don’t know the difference between investing and gambling. Graham Bentley of a firm called gbi2 has been suggesting that structured notes should be revisited as viable “investments” for valued clients.

Bentley has suggested that structured products are an option that advisers could consider including in their portfolio of investment solutions. If he is talking about outright scammers, then – of course – he is right. Structured products pay juicy commissions of up to 8%, so naturally they are a favoured product for these criminals to sell. Plus, if the clients themselves have so much money they are desperate to get rid of as much of it as possible, as quickly as possible, then structured products are ideal.

But Bentley is missing the point entirely. Structured products have, for years, been sold enthusiastically and aggressively by the usual suspects: Leonteq, Nomura, Commerzbank, Royal Bank of Canada and BNP Paribas; bought by scammers such as Continental Wealth Management for the juicy commissions; harboured by crooked life offices such as Old Mutual International. And the result has been huge losses for hundreds of victims. In some cases, total destruction of a victim’s life savings.

Most advisers who sell these toxic products are too thick to understand how they work – and indeed anything beyond the amount of commission they earn out of flogging them is way too tricky to get their simple minds around. And why should they even bother? They just sell them, collect their 8% and then move on to the next victim. What’s to understand? They know that life offices love them – and indeed Old Mutual International bought £94 million worth of the fraudulent Leonteq ones alone. It is a delightful circle for all concerned: the scammers get rich, the bent life offices get fat and the structured product providers do very nicely thank you. And not a single one of them gives a second thought for the victims.

One cheerful idiot on the Linkedin thread has enthusiastically supported Bentley’s idiotic view:

Mark Coomber, Chartered MCSI Independent Financial Planner at Plutus Wealth Management

“Continue to use structured products (as part of portfolios) both personally and for clients with great success. Most of the negative comments I read about them are born out of ignorance and sheer laziness of some advisers who cannot be bothered to either learn the topic matter or undertake the relevant due diligence.”

And this guy is chartered! As a member of the CISI he should know better than to spout such rubbish – and I feel deeply sorry for any clients of Plutus Wealth Management as they are clearly in danger of being sold these toxic products. In fact, I would go further and suggest the public should be warned about the dangers of using this firm, as Coomber clearly has every intention of flogging his victims these high-risk products. If he is stupid enough to use them for his own gambling fun, good luck to him. But he has no right to inflict them on retail clients.

One of the fraudulent structured notes sold by Leonteq (for 8% commissions to the scammers) was:

Capital Protection on WTI Crude Oil with a Reference Bond (PDVSA)
100.00% Contingent Capital Protection | Credit Risk of Reference Bond Issuer | 5.00% p.a. Guaranteed
Coupon | 6.00% p.a. Conditional Coupon
ISIN CH0234862669 | Swiss Security Number 23486266
Final Fixing Date 20/03/2019

The term sheet did, to be fair, give a clear warning:

“Given the complexity of the terms and conditions of this Product an investment is suitable only for experienced Investors who understand and are in a position to evaluate the risks associated with it.”

Sadly, we have to wait until March 2019 to find out how many victims have lost their shirts on this particular lame horse.

And this is the problem: most advisers don’t understand structured products themselves – all they understand (and care about) is the fat commission. They certainly don’t care that the products are fraudulent. But, more importantly, none of these rogue advisers’ clients are experienced investors. If they were, they wouldn’t be paying a greedy and irresponsible financial adviser to risk their hard-earned life savings for them.

STRUCTURED NOTES ARE GAMBLING – NOT INVESTING!

So my message to Coomber and Bentley is this: read Leonteq’s term sheet:

“Products involve a high degree of risk, including the potential risk of expiring worthless. Potential Investors should be prepared in certain circumstances to sustain a total loss of the capital invested to purchase this Product.” And then try to decide which horse is going to win: Dragonfly or Nitwit.

October 3, 2018
Trolley’s Pension Scam Guide

Pension scammers have a “code”. Rather like pirates, they are not to be trusted. They pick their words carefully, revealing little; they are sneaky and lack any morals. They are good at disguises and if they fear they may be rumbled, they will disappear over the horizon, never to be seen again. They certainly won’t hang around to help pick up the pieces after their victims have been ruined. Rest assured, they will take as much as they can get and show no remorse. Living the Life of Riley on your hard-earned money is their reward.

“Yo ho, yo, ho! A scammer’s life for me”.

Those of you who follow Pension Life, will know that we want to put a stop to pension scammers and are trying our hardest to get as much information as possible out to the public about how to avoid being scammed. We want to educate the masses and stop pension scammers worldwide.

Those of you who are new readers, may not be aware of how common pension and investment scams are, or how easily you could fall victim to a pension scam. But never fear, we have constructed a series of blogs, videos and cartoons for you to read and watch, so you can swot up on the dos and don’ts when it comes to safeguarding your precious pension fund.

This video has been constructed to show you the pension scammers’ code of conduct. By familiarising yourself with their techniques, you will be better prepared to spot the scammers and avoid falling victim to their schemes.

Please look through our archives and read about past scams, serial scammers and failures of the regulators and police to bring them to justice for their crimes. Make sure you know all there is to know about the evil and seemingly unstoppable world of pension scammers.

Above all, read the Trolley’s guide, and see how scammers learn their highly-profitable and destructive trade. Scammers learn from the best – including the author of this guide. And then they bring their own individual touch to the art of scamming.

October 2, 2018
International Adviser and the Old Mutual International/Quilter Scams

International Adviser and the Old Mutual International/Quilter Scams. Today’s jolly:

“Future Advisory Forum Europe 2018”

at the Courthouse Hotel, Shoreditch, will see a number of players in the financial services industry discussing – presumably – financial services in 2018. I’ve looked at the agenda, however, and I can’t see anything about pension scams or investment scams and how to prevent them. Neither can I see anything about bringing negligent, lazy, dishonest, callous, greedy life offices such as Old Mutual International/Quilter to justice for facilitating financial crime.

I can’t see any evidence of any of the victims of scams either attending or speaking at this do. Surely to goodness, these people – the first-hand witnesses and experts on the mass destruction of life savings by the likes of Old Mutual/Quilter – should be the stars of the show. How can anyone discuss the future of financial advice in Europe without examining how the perpetrators operate, and planning how to stop them from doing so in the future?

International Adviser should hang its head in shame for failing to make sure that the perpetrators – especially Old Mutual International/Quilter – are brought to justice publicly for the destruction of hundreds of millions of pounds’ worth of life savings. And yet IA’s Old Mother Hubbard is consorting with them and giving Quilter’s Ryan Gardner a speaking slot on the “return of volatility”. How absolutely disgusting and sickening! The victims of Old Mutual International or Quilter – or whatever the hell they are calling themselves this week to try to obliterate their grubby past – know far more than this idiot will ever know about “volatility”. One calm and composed victim could sum the subject up in one simple sentence:

“I started with a lifetime’s worth of savings and now I’ve got nothing – although I’m still paying the OMI quarterly charges”.

That is pretty bloody volatile I would say. And all because OMI accepts business from any old filthy, unqualified, unregulated scammers – and pays them handsomely to invest in disgusting, toxic crap like professional-investor-only Leonteq structured notes.

Apart from IA’s Richard Hubbard and Quilter’s Ryan Gardner, the other speakers should know better and hang their heads in shame for consorting with the scum of financial services and leading perpetrators of financial crime.

Michelle Hoskin of Standards International intends to speak about a “global movement of change”. I hope that “change” includes campaigning for all scammers to be brought to justice, and all regulators encouraged to get off their lazy backsides and outlaw scams in their backyards. Michelle doesn’t say whether she wants the change to be good or bad. Hopefully, she means “good” – and that should include boycotting any rogue firms such as Old Mutual International which facilitate financial crime. If this woman wants to know why, she should perhaps ask Ryan Gardner why OMI bought £94 million worth of fraudulent, high risk, toxic crap from Leonteq between 2012 and 2016.

Then she should ask him why OMI just sat there for six years and watched thousands of victims’ life savings dwindle away to nothing. While OMI did nothing. And their victims considered suicide. Putting that lot right would be a pretty good global movement of change.

Other speakers at this CONference include Andy Cowin of Sterling – who wants to talk about taking advice on residency and domicile status. Hopefully, his talk will include advice for OMI’s victims who are in the process of losing their homes and will have nowhere to live thanks to OMI’s negligence. Residency/domicile is a pretty hot topic for these people. If Cowin doesn’t address this particular aspect of the subject, he should hang his head in shame.

And another one is Edward GOTT. Head of FX private clients. Caxton FX. He’s going to talk about “strategies to help high net-worth customers understand the risks relating to Brexit”. Hopefully, he is not going to ignore the plight of OMI’s victims – the low to zero net worth people whose only risk right now is starving or freezing to death – and for whom Brexit is irrelevant since OMI have destroyed all their money and they are staring at the prospect of homelessness in any country (whether part of Europe or not). Hopefully, he’s GOTT the balls to publicly shame OMI for facilitating such large-scale financial crime and hanging their victims out to dry.

Also on the roster of shame at this disgraceful event is Philip Robotham from Schroders. He is going to talk about “conversations advisers have with their clients and the investment selection process”. What he really needs to do is row his bottom to the murky end of the pond and examine why so many scammers were allowed by the likes of OMI to invest clients’ funds in toxic, risky, fraudulent investments. And why OMI accepted so many investment instructions (in toxic structured notes) from pond life such as unregulated Continental Wealth Management.

This event is being hosted by Richard Hubbard, Group Editor of Last Word, and Karen Blatchford, Head of International Proposition & Marketing, Old Mutual Wealth. Hopefully, during the “networking lunch”, their consciences will trouble them enough to give a thought to OMI’s victims. While Hubbard and Blatchford sip their bloody marys, maybe they will ask OMI what the bloody hell they are going to do about compensating their victims.

The victims are bound to ask why OMI are spending a huge amount of money sponsoring this event when, in fact, they have paid zero redress to those whose life savings they are responsible for destroying. Perhaps there are some real investigative journalists out there who would see the disgraceful irony in this and write a proper article on this sickening event.

September 20, 2018
International Investment interview with Pension Life´s Angie Brooks

International Investment interview with Angie Brooks, founder of Pension Life this week. This blog is written by Kim, Angie´s Assistant. Here´s the interview video which explains how Pension Life works to help victims of pension and investment scams. The interview also raises the question as to why pension and investment scams are so prolific – despite Angie’s hard work to bring them into the public eye – and bring scammers to justice.

As Angie states in the video, Pension Life was originally founded to help victims of the ARK pension scam with their tax liabilities. However, four years on and Pension Life has evolved. Angie is now involved in helping 34 different groups of victims of pension and investment scams. Angie regularly goes to the regulators and ombudsmen in different jurisdictions and makes complaints on their behalf.

Pension Life is based in Spain, and Angie works with clients all over the world. Pension and investment scammers have no boundaries or borders and will weave their evil mischief wherever they can find British expats.

Angie offers her members a fixed membership fee, meaning “people know exactly what they are going to pay in advance”. Using privately-funded solicitors can be pricey and sometimes even non-starterer. Angie has, over the past four years, educated herself in pension and investment scams – how they work and how they are (constantly) evolving. Members can rest assured that they are being represented by a leading expert in the area of pension and investment scams.

If it were up to Angie, the people and firms responsible for pension and investment scams would all be sent to jail and the keys thrown away. With her weekly blogs and videos on the Pension Life website, and with the use of social media, Angie is hoping to get the word out there and warn both the public and the industry.

Angie stands up for the masses, where their single complaints are lost in a pile of excuses by the firms responsible for the destruction of their funds. She meets and speaks to as many victims as she can. Each victim has his or her own tragedy – often involving serious health issues and terrible financial hardship as a result of being scammed out of their life savings.

Some of Angie´s blogs are very hard hitting towards the firms and advisors who condone the use of pension and investment scams. The role Angie plays in uncovering the crooks of the industry is not without risk and often her outspoken words attract negative attention. Angie often receives threats of being sued by the lawyers who represent the companies she blogs about.

Angie states, “But If I was frightened I wouldn´t do it.”

Its not just solicitors who bombard her in outrage about the clearly-evidenced facts that Angie reports, she also has a herd of internet trolls who target her incessantly.

Angie says with reference to her blog trolls:

“There is a reason why I write my blogs. Firstly to warn the public and expose the things that go wrong in the financial services industry – to try to help new people avoid falling victim to scams, negligence and mis-selling; secondly to bring firms to the table to negotiate a solution to a problem where a client has suffered losses in their pension or investment portfolio. Few people have funds to instruct lawyers to sue firms to force them to pay redress for clients’ losses, so it is much better and cheaper to get the firm to volunteer to do so amicably and in a non-contentious manner.

But my blogs do upset the scammers and they regularly post negative comments. I have recently been accused of ‘being in cahoots with’ deVere and other companies and individuals. It is being claimed that I am being paid not to write about them, and to attack their competitors.  It will come as no surprise that those who are now attacking me and accusing me of all sorts of things are the ones whose firms’ questionable practices I have been blogging about recently.

I have in the past had very public spats on social media with deVere AND its CEO, Nigel Green, as well as the others who I have been accused of not writing about. And, if I need to have spats again in the future, I will not hesitate to do so. Like most firms, deVere has indeed made some serious mistakes in the past. However, I do not have any live, unresolved client complaints against the firm.

But this is all just rubbish from scammers who are trying to deflect attention from the main issues that I am writing about. The commenters ignore the facts I am reporting about – i.e. real scams which destroy victims’ life savings – and pick away at me personally. That is absolutely fine, because I am more than happy to be criticised and lied about – because it says more about the writer than it does about me. The people who matter know the truth.

Regular readers of my blogs may notice that sometimes my blogs quietly disappear with no public explanation. There is a reason for that too. The blogs often bring firms to the table and we get stuff done. Sometimes firms even preempt matters and make contact even before I get a chance to do a blog.

If I call a firm to discuss a problem and they enter into helpful and constructive dialogue over how to solve it, I don’t blog about it but keep the matter confidential. There are firms who quietly sort things out without making a fuss in a dignified and conscientious manner. In contrast, however, there are firms that just pull up the shutters – such as OMI and STM Fidecs. Hence why I keep blogging about them.

DeVere is indeed one of a number of firms I don’t currently blog about. So for the nice gentleman called Graham and another charming chap who calls himself “Innocent Bystander” who are accusing me of being partisan, don’t think just about what I do write, but about what I don’t write. There are good reasons for both.

I will continue to expose the actions, practices and vulgar conduct of firms who continue to ignore my questions; And I will tag all those who are stupid and irresponsible enough to keep on working for these firms and helping to fill these firms already bulging pockets.  In contrast, however, Holborn Assets and Guardian Wealth Management have engaged in relation to complaints, and so I have removed all blogs which mention the firm.”

For the future, Angie hopes things will get better and that the war on pension and investment scams can be won. However, much help is needed and Angie calls for the whole industry to get involved and make it their business to know what is happening to expats worldwide.

Airing the problem is one of the best solutions and International Investment has taken a keen interest in the campaigning side of what Pension Life does. It would be a really good thing if some of the media tried to educate themselves on what are the key issues and avoid barking up the wrong trees.

May 23, 2018

Holborn Assets “Smere Campaign”

Oh dear, Holborn Assets has fallen at the first fence – even before I’ve started the race! You couldn’t make it up. And typical of scammers, Holborn Assets is very concerned about the interests of their company and their profits, but couldn’t care less about the victims it has ruined.

This Leahy guy can’t even spell “smear”. But then he can’t spell “leaky” either – so what do you expect?

Leaky claims to have “over 17 years extensive knowledge of Operations, Technology, Space Management, Strategic Planning, Implementation of Facilities Management Applications, Project Management and Web Design”. I guess all that multi-tasking didn’t leave a lot of spare time for learning the English language. (And remind me never to use him to design my website).

Anyway, apart from the fact that this is a big advantage for Guardian Wealth Management (the equivalent of getting a much lighter jockey and a few oats before the race), this will sort the men from the boys at Holborn Assets. Those who have no conscience, ethics, spine, guts or balls will “un-friend” me as instructed. But those with strength of character will question whether they really want to be associated with a firm that routinely destroys clients’ life savings. The smart ones will realise that having “Holborn Assets” anywhere on their CV will be the kiss of death to their career.

Interestingly, I had an email from a chap this weekend who explained that he and a number of his colleagues had left the firm last year. He was very discreet about the reasons, but it was clear he was smart enough to see the writing on the wall and get out before his personal reputation was damaged. Who knows – maybe he even works for Guardian Wealth Management now?

I know which horse my money’s on!

From: Gerry Leahy <gerry.leahy@holbornassets.com>
Date: 22 April 2018 at 14:22:44 GMT+8
To: holborn_all@holbornassets.com
Subject: [Holborn All] LinkedIn request from Angela Brooks
Dear All,Many of you may have received an invitation to connect with someone called Angela Brooks.Please ignore this request and if you have already connected please disconnect immediately.This person is spearheading a smere campaign against the company and we are looking at our options including legal.Regards

Gerry J Leahy B Sc (Eng) C Eng

Chief Information Officer| Holborn Assets

Level 15 | Al Shafar Tower 1

Barsha Heights | Dubai, UAE

P.O. Box 333851

Tel: +971 4 457 3800

Fax: +971 4 457 3999

gerry.leahy@holbornassets.com

www.holbornassets.com

April 22, 2018

Guardian Wealth Management and the two-horse race with Holborn Assets

Guardian Wealth Management and the two-horse race with Holborn Assets

This is the start of Guardian Wealth Management week – following the end of Holborn Assets week. Apart from bleats from Holborn Assets salesmen that I was compromising their chances of destroying more victims’ pensions, nobody has come forward and proposed realistic compensation offers for the existing victims.

So, I thought it would be good to set up a “race” between Guardian Wealth Management and Holborn Assets – with two new, fresh, thoroughbred complaints. And see which firm passes the post first.

But, first, let us have a look at the Guardian Wealth Management culture behind the scenes from the horse’s mouth: the self-employed salesmen who peddle Guardian’s products. These are published on www.glassdoor.com – and give an interesting insight into the inner workings of a financial services firm. Here are some of the comments:

“opportunistic”

Doesn’t Recommend – worked at Guardian Wealth Management full-time

Pros – Quick way to earn cash

Cons – Not always ethical with advice or product advice

This tells us a lot – GWM is an unethical selling machine (from this unhappy salesman’s experience)

Another unhappy guy relates even more details about the failings of the company:

“I do not recommend working here”

Doesn’t Recommend. Current Employee – Business Development Manager

Cons – poor training; poor communication; high staff turnover; lack of support; poor salary; constant changes to the business that are not needed; self-employed

Advice to Management: Look after your staff and actually value people over money. Your sales training needs a lot of work and you need to support new recruits rather than just weighing heavily on a manager that really just hogs all the leads.

This review tells us that the people who work for Guardian Wealth Management are nothing more than self-employed salesmen who work for commission on top of a pitiful basic “wage”.

“Working at Guardian”

Recommends – Current Employee

Pros – Great earning potential.

Cons – Can be high pressure, need to remain motivated and driven to achieve.

Just what we thought: pressure to sell, sell, sell! Doesn’t seem to be anything other than a bag of carrots to drive these salesmen to realise the “great earning potential” – rather than to provide good and appropriate financial advice.

“Business Development Manager”

Recommends – BDM in London

Pros – I currently work as a BDM for Guardian in their London office. I’ve been here just 5 months and have learned a huge amount. The guys here are extremely helpful and friendly. It’s hard work but the culture really is an advocate of the harder you work, the higher the rewards with no ceiling in place it’s up to you how successful you want to be.

So, this business development manager has got sucked into the intense sales-driven culture of Guardian Wealth Management – and all he can see is rewards for himself, rather than quality advice for clients.

Against this backdrop of high-pressure stable manners – and the constant pressure to win, win, win, the poor dumb schmucks at Guardian Wealth Management have no idea (yet) that if they fail to meet their sales targets, they’ll just be chucked on the muck heap. It is all about quantity, rather than quality.

The constant drive to flog more products – irrespective of whether they are right for the clients – just turns what should be a firm that strives for excellence into a sales sweatshop. They are also heavily into cold calling – I should know, as they cold called me a year or so ago and claimed to have offices in Spain.

This last Guardian Wealth Manager salesman has highlighted the fact that there is no “ceiling” to success. But what he has missed out is the fact that there is no floor to the depths the salesmen will go to scam victims for profit.

This week is Guardian Wealth Management week – and I will be kicking it off with a race to see which firm of scammers – Holborn Assets or Guardian Wealth Management – will be first past the post to compensate their victims. One from Israel and one from Australia. The stakes are high; the going is firm; the prize is glittering (a glowing compliment on the Pension Life blog). Take your seats for an exciting race.

April 21, 2018
Top 10 Deadliest Pension Scammers

Pension scammers are hidden all around us, often dressed in smart clothes, driving smart cars and carrying impressive leather folders. They offer what seems like smart investments, push through your pension fund transfer swiftly and seamlessly. However what you don´t see on the surface is their hidden parasitic ways. These scammers will drain the funds from your pension, investing in high-risk, toxic investments, that only they will profit from.

Here´s Pension Life´s, “Top 10 Pension Scammers”. (Please note: this information is correct as of the today´s date only, as pension scammers are evolving daily and as one falls another will rise!)

10 – Square Mile International

John (Gus) Ferguson’s firm Square Mile International promote unregulated toxic crap to pension savers and employs unqualified David Vilka. The so-called “advisers” promoted the Blackmore Global Fund.

It is still unclear what has actually happened to the money invested into the Blackmore Global Fund.

9 – James Lau & Tudor Capital Management

James Lau was a financial adviser with Wightman, Fletcher McCabe (FSA regulated) – part of the Clarkson Hill Group. Along with directors Peter Bradley and Andrew Meeson, of Tudor Capital Management (subsequently jailed for eight years for money laundering and tax fraud), James Lau conned 116 victims into transferring their pensions, investing in forex trading companies, and liberating up to 85% of their pensions. Lau is now rumoured to be in hiding in Hong Kong. The victims are now facing 55% tax charges by HMRC.

8 – Friendly Pensions

David Austen of Friendly Pensions, used cold-calling and high-pressure sales tactics to strong-arm 245 victims into investing in 11 fake schemes, including a truffle farm.

Dalton, Barratt and Hanson all served as trustees on the fake schemes set up by Austin – who is described as the mastermind – and were paid more than £550,000 between them. The four scammers who conned pension savers out of £13.7 million have now been banned from the industry but not imprisoned. The victims, however, lost everything.

7 – Continental Wealth Management (CWM)

One thousand people were relieved of up to £100 million worth of pension funds. Conned by a motley assortment of snake oil salesmen, the victims were promised high returns, but all they got was high losses. Old Mutual International (OMI) were the provider for the bulk of the insurance bonds in this scam. Funds were invested in risky, toxic structured notes which were clearly labelled as “for professional investors only”. Clients were lied to, as when they saw the value of their funds plunging dramatically, the Continental Wealth Management scammers assured the victims that the reported losses were “only paper losses”. Continental Wealth Management collapsed in September 2017.

6 -XXXX XXXX

XXXX XXXX was the “distributor” of the Capita Oak, Henley, Westminster and various SIPPS scams in 2012/13. He was also operating pension liberation fraud with his “loan” company: Thurlstone. When these schemes collapsed in 2013, he went on to launch an investment scam called Trafalgar Multi Asset Fund. Capita Oak, Henley, Westminster and Trafalgar Multi Asset Fund are now all under investigation by the Serious Fraud Office. XXXX XXXX has been arrested and his offices searched.

5 – Nunn and McCreesh

Phillip Nunn – along with his sidekick and partner in crime Patrick McCreesh – provided “lead generation” services to the Capita Oak and Henley scams. At up to 200 leads a month for more than two years, he was responsible for the destruction of £ millions of pension funds – and got paid nearly £1 million in fees for doing so. He then went on to set up an investment scam called Blackmore Global – a UCIS which is illegal to be promoted to retail pension savers. It is not known whether the investors have lost some, most or all of the funds in Blackmore Global as Phillip Nunn refuses to have an independent audit carried out on the fund.

4 – Steve Pimlott – Windsor Pensions

Steve Pimlott has been running Windsor Pensions for at least seven years. He claims to have done around 5,000 pension liberations and assures victims that HMRC will be “unlikely” to catch up with them. Pimlott uses QROPS schemes such as Danica in Sweden and then sets up a fraudulent bank account in the Isle of Man. The transfer never goes anywhere near Danica, of course. But the transfer is sent to the IoM bank account – 85% is paid out to the victim and Pimlott trousers the other 15%. HMRC is now taxing the victims at 55% – although they have never taken action against Pimlott who is still operating happily in Florida (not far from where Stephen Ward has his six luxury villas).

3 – Fast Pensions

Peter Moat and his wife Sara Moat were chums of Stephen Ward of Premier Pension Solutions. They ran a loan company called Blu Debt Management and also had several other businesses involving estate agency and pension administration. Hundreds of victims were transferred into the Moats’ Fast Pension schemes, and now the victims cannot access their pensions or transfer out. Peter and Sara Moat live in the Javea area of the Spanish Costa Blanca and have had 18 Pensions Ombudsman’s determinations against them for mal-administration of the pension schemes they are running. It is thought that around 400 victims are affected, although it is not known how much they have lost between them. It is known that several years ago, a substantial amount of the funds were loaned to Bridgebank Capital and then used as bridging loans for property developers. But the money has since been repaid and goodness only knows where it is now. Certainly not accessible to the members.

2 – Stephen Ward

Ark: 486 victims; £27 million at risk; 55% tax penalties on 50% loans

Evergreen: 300 victims; £10 million at risk

Capita Oak: 300 victims; £10 million at risk; tax penalties on XXXX XXXX’s Thurlstone “loans”

Westminster: 200 victims; £7 million at risk; tax penalties on “loans”

Southlands, Headforte, Feldspar, Hammerley, Maribel, Dorrixo Alliance, Halkin, Bollington Wood, Randwick Estates, Elysian Fuels, London Quantum – and many more. Stephen Ward remains active with DB transfers.

and in first position we have …..

1 – HMRC

Yes, you read correctly, HMRC is our number-one culprit in the Top 10 pension scammers list. And here’s why:

Since at least 2010, pension scams have been on the rise. That’s 8 years, yet regulations have not been changed, HMRC has not become vigilant or conscientious about registering pension scams, and new laws have not been put in place to stop scammers.

In fact, the scams are registered in the first place by HMRC, and in the case of occupational schemes also by tPR.

No notice is taken of whether the schemes are registered by known scammers and no questions are asked as to the purpose of the schemes.

In the case of James Lau’s Salmon Enterprises, the trustees – Meeson and Bradley – had been investigated by HMRC and arrested in March 2010 on suspicion of money laundering and tax fraud. However, HMRC did nothing to warn ceding providers or the public and Salmon Enterprises was left as an HMRC-registered, fully-operational occupational scheme.

Later that year, one ceding provider queried the legitimacy of the Salmon Enterprises scheme, but HMRC refused to elaborate on why the trustees had been arrested. A transfer went ahead – along with 115 others – while HMRC sat back in the full knowledge that all these victims would be bound to face unauthorised payment tax charges.

In the Ark case, HMRC spoke to the organisers and promoters (including Stephen Ward) of the six Ark schemes on several occasions. They then had a meeting with Craig Tweedley and Ward in February 2011 to discuss their concerns that the 50% “loans” paid out to scheme members constituted unauthorised payments. At this point there was a “mere” £7 million worth of transfers. Nothing was done to suspend the Ark schemes for another three months – during which time a further £20 million was transferred in. HMRC is now trying to tax both the members and the scheme for unauthorised payments.

In the full knowledge that Stephen Ward was behind Ark and numerous other scams, HMRC ignored evidence of his pension trustee/administrator firm – Dorrixo Alliance. In May 2014, they discussed prosecuting Ward, but did nothing about the London Quantum pension scam, and in August of the same year, a police officer lost his police pension to Ward’s scheme.

Therefore, HMRC takes 1st place, due to its downright lack of motivation to help stop the scams, yet speedy tax demands fly out for the unauthorised payments arising from the so-called “loans” operated from the very schemes that HMRC themselves registers.

Furthermore, HMRC taxes the victims of pension liberation scams – and not the perpetrators.

List of 10 deadliest parasites borrowed from listverse website for comparison.

**********************************

As always, Pension Life would like to remind you that if you are planning to transfer any pension funds, make sure that you are transferring into a legitimate scheme. To find out how to avoid being scammed, please see our blog:

What is a pension scam?

Follow Pension Life on twitter to keep up with all things pension related, good and bad.

February 18, 2018
SCAMS AND SCANDALS SYMPOSIUM – TRANSPARENCY TASK FORCE 15.11.17
IT IS A SCANDAL THAT THE WOLVES, VULTURES, SCORPIONS AND BLOOD-SUCKERS OF THE FINANCIAL SERVICES WORLD STILL FLOURISH

SCAMS AND SCANDALS SYMPOSIUM – PART OF THE TRANSPARENCY TASK FORCE: WEDNESDAY 15TH NOVEMBER AT THE OFFICES OF IG GROUP, 12.30 TO 5PM

Pension and investment scams and scandals are a blight on financial services and saving for retirement. The energetic and inspired campaign by Darren Cooke of Red Circle successfully raised awareness of the problems of cold calling. But the snap general election scuppered serious traction on this and the most the government has achieved so far is to make a vague promise to talk about talking about it. But still it is not illegal, and still the scammers are scamming away merrily.

Chair of The Transparency Task Force

The Scams and Scandals team was formed as a result of inspiration by the Transparency Task Force’s Andy Agathangelou. It has attracted a group of like-minded professionals who believe passionately that a concerted effort should go into coordinating a zero-tolerance approach to scams and scandals. All members of the team are committed to producing a White Paper which can focus the minds of government ministers, regulators and law enforcement agencies on the whole problem – not just the cold calling bit.

Irrespective of which version of which political party we are talking about, the ultimate object of a successful and fulfilled life is to be happy, healthy and solvent. And this includes getting a decent education, leading a responsible and law-abiding life, and saving for a comfortable retirement. Millions of British citizens manage to achieve this goal, but sadly many thousands of them lose part of all of their retirement savings to the armies of scammers.

Pension Life has been dealing with dozens of different scams in different jurisdictions by an army of repeat scammers since 2013. These include Trafalgar Multi-Asset Fund scam operated by XXXX XXXX and facilitated by STM Fidecs in Gibraltar; Continental Wealth Management pension investment scam (with much of the transfer advice provided by “sister” company Premier Pension Solutions run by Stephen Ward); Blackmore Global run by Nunn and McCreesh (who ran the cold calling and lead generation for Capita Oak and Henley); Fast Pensions run by Peter and Sara Moat in collaboration with Bridgebank Capital; Premier New Earth Recycling Fund; Park First – part of Group First (along with Store First); Windsor Pensions and the Danica QROPS liberation scam; London Quantum and Stephen Ward’s Dorrixo Alliance; Holborn Assets in Dubai; Ark (Lancaster, Portman, Cranborne Star, Woodcroft House, Tallton Place, Grosvenor); Toby Whittaker’s Store First; Elysian Biofuels liberation scheme; Axiom UPT; Capita Oak; 5G Futures; Guardian Wealth Management; Square Mile Financial Services; https://pension-life.com/incartus-investment-pension-scheme-in-the-hands-of-dalriada-trustees/Incartus Investment Pension Scheme; KJK Investments and G Loans; Westminster pension scam run by XXXX XXXX; Salmon Enterprises – run by James Lau; Pennines, Malvern and Mendip liberation scams; Henley pension scam run by XXXX XXXX; Evergreen QROPS and Marazion loans; Bespoke Pension Services.

XXXX XXXX, one of the many pension scammers ruining thousands of victims’ lives

All these scams and scammers have caused thousands of victims to lose hundreds of millions of pounds’ worth of retirement savings. And caused untold misery – in many cases exacerbated by HMRC punishing the victims rather than the perpetrators.

The Scams and Scandals Team has a clear five-point goal:
1. Ban UK cold calling and fraudulent calling
We must not let this disappear off the agenda and must keep up pressure on MPs and Ministers – as well as the regulators. But this must also be extended to overseas as we already know that the UK-based cold calling outfits have made arrangements to move their operations or merely facilitate re-routing of phone numbers. However, the twilight industry of “introducing” must also be examined as this is a serious source of scam facilitation.
1. Support Lesley Titcomb “Scammers are Criminals”
Ms Titcomb has publicly declared scammers to be criminals

We must work with the regulators, government and law enforcement agencies to enhance existing and introduce new regulation and legislation to prevent new scams, close down known existing scams and bring those involved in conceiving, operating and promoting both to account.
1. Revitalise Scorpion Campaign
Fundamental to preventing scams is communication to the public of the dangers of cold calls and pension/investment scams which would include the Scorpion Campaign – but so much more as well. A key part of this exercise is the use of social media and the plan to produce a documentary and Youtube channel giving real-life examples of past and current scams. Explaining the mechanics of a scam is one thing – but showing an actual example of a victim and the scammer is bound to have even greater impact.
1. Write off HMRC debt where scams are proven
HMRC celebrating the tax they collect from victims of pension liberation fraud

We need the help of the government here and could do with an actuary to help us work out what the cost to the State is of taxing victims of scams. If we can demonstrate that by ruining a scam victim (who has already probably lost part or all of his pension) with the tax charge, the long-term cost of supporting the victim and his family will far outstrip the tax collected. This is especially well demonstrated in the Ark case where the victims have got to both repay the “loans” and pay the 55% tax even if the loans are repaid.
1. Ensure AML regs include pension scamming
TOBY WHITTAKER’S TOXIC EMPIRE WILL FINALLY BE HUFFED AND PUFFED AWAY

I would widen this to include investment scams. This is because at the heart of every pension scam there is a fraudulent investment (and/or loan). The actual pension itself is harmless as it is essentially just a box with a label on it and only becomes toxic and dangerous once you put the scorpions, snakes and cockroaches inside it. You could equally put fluffy kittens in it. It is the mis-use of the pension “box” which is the scam.
November 6, 2017
REGULATORS AND SCAMMERS
Regulators have got to do some effective regulating

Regulators and scammers; cops and robbers; cowboys and indians. Each has their role: cowboys fire their six shooters and dodge the injuns’ arrows valiantly; cops drive their police cars at breakneck speed to corner the robbers in a dark alley; regulators waggle their flaccid willies and watch the scammers walk all over them.

In the week my great friend had his appendix out (somewhat hurriedly as it happens) I thought I would write a slight variation on the Three Sausages poem:

Regulation, regulation, regulation,
Three scammers went to the station,
One got crushed, one got killed,
And one got a huge operation.

The sizzling scammers need to be put behind bars – and the keys need to be thrown away.

Now, I am not suggesting I want the scammers crushed or killed – nor even that they suffer the same pain and discomfort that my mate has gone through in hospital this past week. But I do want them stopped from harming more victims and destroying more life savings. And, of course, put behind bars where the only thing they can scam is the soap on a rope.

WHAT DO REGULATORS NEED TO DO AS A MATTER OF URGENCY?

All regulators in all jurisdictions where has been a history of scamming and mis-selling need to work closely with governments, tax authorities, financial crime units, ombudsmen and the press. There has to be a “zero tolerance” attitude to scams and scammers – and all those responsible have to be brought to justice. And publicly so. It is clear that most regulators – including the FCA – are limp, lazy and useless and this has to change. Here are some examples of regulators’ failures in each jurisdiction:

UK:
- Allowing unregulated firms to provide financial, pension and investment advice freely and without sanction in the UK. Sometimes these firms have an insurance license – sometimes none at all
- Not sanctioning regulated firms for clear breaches and/or fraud – such as Gerard Associates which was introducing Ark victims to Stephen Ward of Premier Pension Solutions as far back as 2010, and was then providing “advice” to Ward’s London Quantum victims
- Ignoring firms such as Fast Pensions who have defied 37 Pensions Ombudsmen’s determinations
- Failing to coordinate criminal prosecutions against the scammers behind numerous scams who ruined thousands of lives and cost hundreds of millions of pounds’ worth of life savings
- Failing to use existing legislation provided by FSMA 2000 to prosecute advisors (regulated and/or unregulated) overtly contravening the ban on communicating invitations to retail clients to invest in Unregulated Collective Investment Schemes
- Announcing ineffective crack-down plans by newly-appointed government minsters who have failed to grasp the enormity of the pension scamming industry and the desperate plight of thousands of pension scam victims
GIBRALTAR:
- Failing to police and sanction negligent pension trustees such as STM Fidecs for accepting members introduced by an unlicensed adviser: XXXX XXXX of Global Partners Ltd/The Pension Reporter – who was also the fund manager for the UCIS that all the victims had their pensions invested in and which is now being wound up
- Refusing to communicate with members on the progress of the winding up of the Trafalgar Multi Asset Fund which had been run by XXXX XXXX
- Omitting to take action against STM Fidecs for its role in the Cornerstone Friendly Society investment scam
MALTA:
- Taking no action against Trustees, Integrated Capabilities Malta Ltd (ICML) for accepting retail members from an unlicensed firm in the Czech Republic and knowingly permitting investments in Nunn McCreesh’s UCIS: Blackmore Global, as well as Malta-licensed fund Symphony – a sub-fund of the Nascent Platform that is licensed only for professional investors
- Not sanctioning Customs House Global, that runs the Nascent Platform, for inadequate due diligence and accepting unscrupulous sub-fund managers (such as XXXX XXXX, investment manager of failed TMAF and later, the recently wound up Symphony Fund) that exploit the platform for the sole purpose of pension scamming
CAYMAN ISLANDS:
- Not sanctioning Investors Trust for accepting high-risk UCIS investments for retail investors: Blackmore Global and Symphony
CZECH REPUBLIC:
- Allowing an unlicensed firm – Square Mile Financial Services – to operate freely in the EU, providing pension and investment advice with only an insurance mediation license
ISLE OF MAN AND IRELAND:
- Ignoring insurance companies which accept investments in UCIS funds and professional-investor-only instruments for retail investors
- Failing to recognise those registered Closed-Ended Investment Companies whose true nature is as a Collective Investment irrespective of their form, such as Blackmore Global (registered number 010221V), that intentionally circumvent the stricter regulations imposed on collective investments, specifically to hide their financial accounts and the sub-funds which invariably include unsigned loan notes and high-risk hare-brained projects
DUBAI:
- Permitting brokers to use unqualified advisers to scam investors into high-risk, high-charges products
SINGAPORE:
- Allowing a bank – United Overseas Bank – to steal £2.5 million from a British client and taking no action
NEW ZEALAND:
- Failing to act against a pension liberation scam – Evergreen Retirement Benefits Scheme – run by Simon Swallow who was working with Stephen Ward of Premier Pension Solutions and operating Marazion “loans”
GUERNSEY:
- Ignoring Concept Trustees (Guernsey) who offered retail investors the EEA Life Settlements UCIS and then accepted investment instructions from unlicensed, un-insured Stephen Ward of Premier Pension Solutions
****************************************************************

As always, Pension Life would like to remind you that if you are planning to transfer any pension funds, make sure that you are transferring into a legitimate scheme. To find out how to avoid being scammed, please see our blog:

What is a pension scam?

Follow Pension Life on twitter to keep up with all things pension related, good and bad.
September 3, 2017

Tag: Guardian Wealth Management

Ten Essential Standards For Pension Advice:

The ongoing war against pension scammers continues with no sign that the end is near. The authorities stand idly by – facilitating mis-selling and outright fraud.

HMRC happily registers pension scam after scam after scam (followed by tax demands). Prosecutions are few and far between.

Ten Essential Standards For Pension Advice:

Much as a master illusionist takes your breath away with his magic, a master scammer takes your money away with his silver tongue. You will be left wondering just how this smart-looking, sleek-talking ‘adviser’ managed to leave your pension – and probably your life – in tatters.

So, let’s look at two possible alternatives: the Novia Global platform and the Old Mutual International “bond”.

Carl Melvin BA (Hons), MSc, CFP, FPFS, Chartered FCSI

A new model challenge to the offshore sharks

No redress

Capital Protection on WTI Crude Oil with a Reference Bond (PDVSA) 100.00% Contingent Capital Protection | Credit Risk of Reference Bond Issuer | 5.00% p.a. Guaranteed Coupon | 6.00% p.a. Conditional Coupon ISIN CH0234862669 | Swiss Security Number 23486266 Final Fixing Date 20/03/2019

So my message to Coomber and Bentley is this: read Leonteq’s term sheet:

This video has been constructed to show you the pension scammers’ code of conduct. By familiarising yourself with their techniques, you will be better prepared to spot the scammers and avoid falling victim to their schemes.

Please look through our archives and read about past scams, serial scammers and failures of the regulators and police to bring them to justice for their crimes. Make sure you know all there is to know about the evil and seemingly unstoppable world of pension scammers.

Above all, read the Trolley’s guide, and see how scammers learn their highly-profitable and destructive trade. Scammers learn from the best – including the author of this guide. And then they bring their own individual touch to the art of scamming.

International Adviser and the Old Mutual International/Quilter Scams. Today’s jolly:

“Future Advisory Forum Europe 2018”

“I started with a lifetime’s worth of savings and now I’ve got nothing – although I’m still paying the OMI quarterly charges”.

Then she should ask him why OMI just sat there for six years and watched thousands of victims’ life savings dwindle away to nothing. While OMI did nothing. And their victims considered suicide. Putting that lot right would be a pretty good global movement of change.

For the future, Angie hopes things will get better and that the war on pension and investment scams can be won. However, much help is needed and Angie calls for the whole industry to get involved and make it their business to know what is happening to expats worldwide.

This Leahy guy can’t even spell “smear”. But then he can’t spell “leaky” either – so what do you expect?

I know which horse my money’s on!

Guardian Wealth Management and the two-horse race with Holborn Assets

“opportunistic”

“I do not recommend working here”

“Working at Guardian”

“Business Development Manager”

10 – Square Mile International

9 – James Lau & Tudor Capital Management

8 – Friendly Pensions

7 – Continental Wealth Management (CWM)

6 -XXXX XXXX

5 – Nunn and McCreesh

4 – Steve Pimlott – Windsor Pensions

3 – Fast Pensions

2 – Stephen Ward

and in first position we have …..

1 – HMRC

Therefore, HMRC takes 1st place, due to its downright lack of motivation to help stop the scams, yet speedy tax demands fly out for the unauthorised payments arising from the so-called “loans” operated from the very schemes that HMRC themselves registers.

Regulation, regulation, regulation,Three scammers went to the station,One got crushed, one got killed, And one got a huge operation.

WHAT DO REGULATORS NEED TO DO AS A MATTER OF URGENCY?

Capital Protection on WTI Crude Oil with a Reference Bond (PDVSA)
100.00% Contingent Capital Protection | Credit Risk of Reference Bond Issuer | 5.00% p.a. Guaranteed
Coupon | 6.00% p.a. Conditional Coupon
ISIN CH0234862669 | Swiss Security Number 23486266
Final Fixing Date 20/03/2019

Regulation, regulation, regulation,
Three scammers went to the station,
One got crushed, one got killed,
And one got a huge operation.