Our last blog in this series recreated the offshore pension scam process. We covered the set up and hard sell. The slick salesman prepared the unwitting victim and convinced him his pension would be better off out of the UK. The silver-tongued spiv, Darren, posing as an adviser, conned his new client with no problem […]
Pension Scams Explained – Stage 2 Read More »
I don’t often disagree with highly-regarded pensions expert Henry Tapper. Too much respect and awe. But his recent blog: “The Balls of Old Bailey” (about Andrew Bailey) merits a polite argument. It has made me cross – not cross with Henry, per se. But cross with the failure of Britain’s culture, government, regulation and legal
THE BOLLOCKS OF OLD BAILEY Read More »
The world of pension and investment scams is dominated and driven by commissions on investments (usually unregulated). The scammers’ strategy is always identical: get the pensions away from the safety of a reputable pension provider and into the hands of a SIPP, a SSAS or a QROPS. One purported benefit of these types of schemes
Pension Scam Investments Read More »
The FCA seems to have woken up. It only took eleven years. Eleven years of laziness, torpor, disinterest and deliberately ignoring the problem. But, completely out of the blue, the FCA has suddenly got bored with crapping on bathroom floors and has decided to do a spot of rather belated regulating. The object of this
FCA Investigates Ark and AES Read More »
I’ve been asked by a number of Park First investors to help them decide how to vote in the forthcoming vote – 25th November 2019. There are many options and decisions, with communications coming out from various related and interested parties. It is understandable that investors have some difficult choices and are being given conflicting
“Best of times. Worst of times. Age of wisdom and foolishness. Epoch of belief and incredulity. Season of light and darkness. Spring of hope; winter of despair.” You would be forgiven for thinking the above was written about the world of pensions and investments (by someone far more eloquent than me). However, it was written
A Tale of Two Investments Read More »
April 2019 sees the battle between Store First and the Insolvency Service. On April 15th, the High Court proceedings will kick off. As a result, the Store First v Insolvency Service will determine how many people will lose their pensions permanently. Two sets of very expensive lawyers – DWF and Eversheds Sutherland – will battle
Store First v Insolvency Service Battle Read More »
In the run up to the High Court proceedings to hear the Insolvency Service’s petition to wind up Store First, here is some background. This is an abridged version of the Insolvency Service’s witness statement regarding the Store First pension investment scam. It involved two bogus occupational pension schemes set up and administered by Stephen
Store First v Insolvency Service Battle – the Insolvency Service’s Witness Statement Read More »
In every pension scam there is one beginning, lots of middles, and always a wretched ending for the victim and a profitable ending for the scammers. The beginning is always a negligent, lazy, box-ticking transfer by a ceding provider – the worst of which always tend to be the likes of Standard Life, Prudential, Scottish
Who killed the pension? Scammers; ceding providers; introducers; HMRC? Read More »
Another victim of Berkeley Burke SIPPS investments into Store First storage pods has come forward. 55-year-old factory worker Robert McCarthy, of Ebbw Vale, said he has lost more than £30,000 through a Self-Invested Personal Pension (SIPP). He was duped into the transfer and investment by unregulated firm Jackson Francis which was liquidated in 2014. His investment
More negligence from trustees Berkeley Burke – Store First Read More »
The financial services industry has failed with flying colours to achieve transparency – both offshore and in the UK. The single most important thing about any product or service is transparency – aka honesty. This is where the profession has tolerated – and even encouraged – bare-faced lying for years and continues to do so
Transparency Failure With Flying Colours Read More »
Unqualified Pension Scammers Banned Articles like New Model Adviser’s report on some of the scammers behind the Capita Oak/Henley/Store First scam getting banned always makes me smile. Knowing that a few pension scammers (four in this case), are being named and shamed – as well as banned from being directors – motivates me to share information
Unqualified pension scammers banned Read More »
