Tag: Pension Ploughman

Waging War on Willy Wagglers
When I grow up, I want to be able to write blogs as eloquently as the Mighty Henry Tapper – the Pension Ploughman with a huge plough which furrows deeply through much of the bullshit on Twitter. He also tolerates Ros Altmann with grace and generosity – which is something I could never do no matter how grown up I get.

Henry´s recent blog is particularly pertinent as it draws attention to the small and irritating gaggle of willy wagglers who understand little but talk a lot about how knowledgeable they are. In fact, many of these know-alls grasp very little outside their own comfort zone – and some of them, like John Ralfe, have neither class nor manners. John and his fellow gaggle of wagglers are quick to belittle and insult, but slow to make the effort to understand complex matters in sufficient depth to be able to develop a balanced and intelligent view of the diverse details of human economics.

But first, let me talk a little about Henry. He is one of the small, elite group of professionals who have bothered to get their feet wet and their hands dirty and venture into my world: the arena of pension and investment scams and scammers. It takes a strong stomach to square up to the vile operators and facilitators of financial crime, and a lot of backbone to call out regulators and other authorities for their dismal failings.

Henry has taken time out of his busy schedule to meet victims and regulators, as well as attend last year’s High Court proceedings in the Ark case, as well as broker meetings with some of the players in the pension and investment scam industry (yes, Peter, I am talking about you!).

Señor Tapper, over the past five years, has generously given his time, effort and expertise to the plight of the scam victims. Victims who have also been very active in campaigning and representing other victims – including airline pilots, bus and taxi drivers, nurses and doctors, architects, research chemists, a carp breeder, a driving instructor and people dying of life-threatening illnesses.

Then you’ve got the so-called professionals in the UK who think – and say – that none of what goes on in the scamming industry, or offshore, is anything to do with them. Some of these self-proclaimed experts also dismiss the victims as “stupid” or “complicit”. To say I have no time for these people would be a bit of an understatement. But to see some of these idiotic “experts” also being insulting to the very people I value so highly is a bit much for me – and the victims – to swallow.

Henry complains about the pesky “experts” on the following grounds:
1. They make you read their books
2. They willy waggle
3. They waggle each other’s willies
4. They get frustrated when you don’t agree with them
5. They are generally from the USA and Europe
I don’t really have a problem with number 1, because I also try to get people to read my book: Anatomy of a Pension Scam

I did try to make it free, but the cheapest selling price Amazon will let you use is $1.34.

I don’t do 2 or 3 (either actually or metaphorically) but I do 4 a lot. But that is because intelligent, knowledgeable people tend to understand the importance of tackling financial crime, while arrogant, ill-informed people don’t. Not that I am talking about agreeing with anything complex or requiring much knowledge – I am referring to the basic principals that scamming is wrong; being unqualified is wrong; being unregulated is wrong; being greedy is wrong.

I am not too sure about 5 because I know very few people from the USA. However, the people I tend to meet in Europe are mostly either victims or perpetrators – and they are both genuine experts in their field of expertise in equal measures (i.e. at being scammed or doing the scamming). I have met one or two good guys on the Continent, but they are pretty rare.

I’ve had a quick look at the willy waggling Tweets by John Ralfe (clearly a legend in his own mind) to which Henry is referring. Ralfe appears to be recommending that Henry should take up reading the work of Nobel Laureates. I have no doubt that should Henry ever feel the need for advice about what books he should read, he will know exactly where to go. And, of course, Henry is far too much of a gentleman to tell this ignorant twerp where to go. I, on the other hand, do not aspire to Henry’s high standards.

So, Mr Ralfe, take your willy and waggle it somewhere else.
July 25, 2018
CHARLIE CHARLIE, SAUSAGE AND CHIPS – WATCH OUT BRITISH STEEL WORKERS!
CHARLIE CHARLIE, SAUSAGE AND CHIPS – WATCH OUT BRITISH STEEL WORKERS!

I’ve just read Henry Tapper’s blog and Frank Field’s letter to Clive Howells of Celtic Wealth Management.

What struck me about Henry’s blog was that he has summarised a new version of the same old, same old situation we’ve seen many times before over the past few years. A cosy and stinky relationship between the introducer, the adviser, the transfer administrator, and the fund manager.

What then struck me about Frank Field’s letter to Clive Howells of Celtic Wealth Management (the “introducer” who has been stalking the beleaguered British Steelworkers) was that Frank is a good sort – and I’d like to buy him lunch (although it won’t be sausages and chips!).

It is clear from what Henry has written, that the British Steelworkers have been in danger of having their pensions invested in a load of complicated and expensive crap by advisory firm Active Wealth UK Ltd:
- Vega Algorithms AWGO – Ultra-Conservative portfolio
- 5Alpha conservative UCITS managed by Newscape Capital Group
- Gallium Fund Solutions Ltd
And, indeed, it looks like at least 100 victims have, sadly, already been successfully transferred into the scheme.

I don’t like the look of Newscape Capital because it runs the risk of harbouring investment scammers. An example of this is the Nascent Fund which facilitated XXXX XXXX’s Trafalgar Multi-Asset Fund investment scam. Henry has eloquently outlined the inherent risks in these three entities as well as the introducer/adviser. So, I won’t add to his already detailed summary.

But let us have a closer look at Frank Field’s letter to Clive Howells of Celtic Wealth Management:

I would be grateful if you could assist our ongoing work on the British Steel Pension Scheme by answering the following questions:
1. What is the a) highest and b) average fee that you have received in respect of BSPS clients?
2. What proportion of the fees you received were paid a) directly by clients; b) by IFAs or other companies?
3. How many payments did you make to individuals to reward them for recommending your service to clients?
4. What benefits do unregulated introducers bring to clients other than sausage and chips?
And herein lies the problem: the scourge of the “introducer”. The ordinary man in the street (or steelworks) doesn’t know the difference between an introducer and an adviser. We’ve seen many instances of individuals and firms acting as introducers for rogue advisers: Viva Costa International for Gerard Associates in Stephen Ward’s London Quantum scam; Continental Wealth Management for Stephen Ward’s Evergreen QROPS/Marazion loans scam; Jackson Francis in XXXX XXXX’s Trafalgar Multi-Asset scam; Phillip Nunn’s Nunn McCreesh firm which lured thousands to financial ruin in the Capita Oak, Henley and multiple SIPPS scams.

History tells us that in many cases these individuals and firms are simply parasites and pimps who prey on vulnerable people. Indeed, Clive Howells used to run Bespoke Pensions in a scheme that saw victims’ pensions being invested in illiquid, speculative, high-risk crap such as The Resort Group’s Cape Verde holiday properties.

Bespoke Pension Services was an unregulated firm and their address was a virtual office. According to their published accounts the firm was insolvent at the time they were trying to get people to transfer their pensions into schemes which invested in unsuitable assets. The two directors/shareholders – Mark Anthony Miserotti and Clive John Howells – had between them (reportedly) an impressive portfolio of investment, consultancy, property development, investment and financial planning companies – one of which was called “Fortaleza Investments” (suggesting something Brazilian).

The Royal London v Donna Marie Hughes case should ring alarm bells straight away with Clive Howells. As should the accusations of sexual assault made against him in 2004. A police officer testified that Howells had groped her bottom and breasts, as well as trying to force his tongue into her mouth. Howells denied the charges – although he did, apparently, admit to snogging the young WPC. At the time of the alleged attack, Howells was a Superintendent with the Welsh Police. And married.

In the words of Lewis Carroll:

“Beware the Jabberwock, my son!

The jaws that bite, the claws that catch!

Beware the Jubjub bird, and shun

The frumious Bandersnatch!”

to which I will add a little verse of my own:

“Beware the introducer, my man

The silver tongue, the patter slick

Beware the likes of Howells if you can

The frumious, bandersnatch, jubjub dick!”

My sincere congratulations and thanks for the sterling work done by Henry Tapper, Darren Cooke and Al Rush to help protect the British steelworkers from the likes of Clive Howells. And a merry xmas to all – especially Frank Field!
December 20, 2017
Scorpion Campaign and Henry Tapper

The Scorpion Campaign was the Pensions Regulator’s attempt to warn the public and the industry against pension liberation scams. It wasn’t a bad try, but it failed. It was a bit like trying to stop a herd of stampeding elephants with a whoopee cushion.

Henry Tapper, pensions actuary and dedicated blogger on pensions, posted this:

https://henrytapper.com/2015/07/20/trust-me-im-a-scorpion/

The problem is that many pension trustees don’t take any notice. They didn’t back in 1999 when HMRC and tPR (then OPRA) first warned trustees about pension liberation fraud. They didn’t in 2003 when the first two liberation fraudsters – Steve Russell and William Ferguson – were jailed. They didn’t in 2010 and 2011 when the huge tide of Ark and Tudor Capital Management transfer requests into bogus occupational schemes were processed without so much the tiniest flicker of curiosity or interest. They didn’t in 2012 when 300 transfers into Capita Oak were made – even though the sponsoring employer didn’t exist. When the Scorpion Campaign was launched in February 2013, the trustees carried on making transfers into Capita Oak and the sister scam, Westminster (with the same non-existent sponsoring employer).

Now here’s the puzzling thing: didn’t the Pensions Regulator notice that their Scorpion Campaign was failing? Usually, when time, effort and money are invested in an important project, there is some sort of measuring process deployed to see how effective and successful the project is and to examine whether any improvements or reinforcements are needed. Clearly not in the case of tPR and Scorpion, because the same old same old scammers were allowed to keep registering pension schemes and becoming trustees and administrators of “occupational” scams obviously designed to defraud innocent victims.

Don’t take my word for it though. https://www.ftadviser.com/2016/07/05/pensions/pension-scheme-gets-dressing-down-from-regulator-bZo5EVFahYzEFkvNsF8jdK/article.html

In particular, the regulator issued a damning assessment of the scheme’s former trustee, Dorrixo Alliance, and its director Stephen Ward.

So, didn’t anybody at the Pensions Regulator (or HMRC for that matter) notice that Stephen Ward had become trustee of the doomed London Quantum “occupational” scheme (now in the hands of Dalriada Trustees)? Didn’t the memory of Ark, Evergreen, Capita Oak, Westminster and dozens of other liberation scams run by Ward and Dorrixo ring any bells? Didn’t London Quantum’s address: 31 Memorial Road, Worsley cause a sharp intake of breath?

The answer to all of the above is, of course, a resounding “no”. The Scorpion Campaign’s warnings were ignored 96 times in 2014 in the London Quantum case. Negligent, lazy and incompetent trustees handed over a total of £6.8 million to an obvious scam which had all the hallmarks of Ward’s handiwork – including the fact that it was registered to Ward’s UK address. But not a single one of the trustees heeded tPR’s Scorpion warning – including the trustees of the Police pension scheme.

My advice to the Pensions Regulator, is to put the whoopee cushion away. It doesn’t work. The stampeding elephants are too big and too determined. And don’t just knit a bigger whoopee cushion either – ban cold calling and put the scammers behind bars. Then spend some money on advertising (after all, the government found £10m to spend on the Remain campaign – which was arguably a complete waste of money).

And by the way, the Regulator’s “dressing down” was a complete waste of time. It might just as well have been a formal dressing gown for all the effect it had.

October 18, 2016