3 Comments

  1. Stephen
    February 21, 2019 @ 8:26 am

    Your link to the BBC programme is incorrect. The correct link is: https://www.bbc.co.uk/sounds/play/m00024p1

    You say “Ironically, Standard Life has been one of the worst performers in terms of ceding pension providers who have recklessly and negligently handed over millions of pounds’ worth of pensions to the scammers.”

    If my memory serves me right, when I was on twitter – not any longer, hate the thing – there was a person working in the pension industry and she said she had worked for Standard Life in 2015 and had noticed many transfer requests into Optimus Retirement Benefit No.1 – the scam facilitated by Integrated Capabilities Malta Ltd, now Azure Pensions – masterminded by David Vilka and John Ferguson ( https://pension-life.com/david-vilkas-vile-us-attorney/ ) who were recruiting subscribers to the unregulated fund Blackmore Global, owned by Phillip Nunn & Patrick McCreesh https://write.as/scam-victim/nunn-and-mccreesh for which they earned handsome commission even if they choose to call it “sharing distribution fees”.

    On the programme Mr Jenkins talks of their responsibilities to members asking for transfers and says they warn members in writing of the signs to look out for that indicates high risk – i.e. cold called, transferring into unregulated funds etc. etc. He adds they even call their member requesting the transfer and talk to them about the signs indicating the risks.

    However, despite the Pensions Regulator’s efforts since 2010 and again in 2013 with the launch of their Scorpion campaign, and yet again a change in legislation in April 2015, numerous UK pension providers have ignored these responsibilities, including my ceding provider – Mercer – and simply rubber stamped the transfers into the hands of unscrupulous scammers.

    It’s all very well pension providers knowing what their responsibilities are, yet another them demonstrating they are actually discharging those responsibilities and protecting members by thwarting the scammers. Moreover when they are called out for not doing what was expected by the Pensions Regulator to protect members, they should at least own it and agree to put it right! They don’t!

    Reply

    • Dan Austin
      March 18, 2019 @ 12:50 pm

      Interesting to note that Cadde Wealth Management are one of the firms who have changed their scripts to escape the fines. Paul Cadde is running this company and is still unqualified and unregistered to give financial advice. Would like to see the end of pension scams and firms like this continuing to operate.

      Reply

      • Angie
        March 20, 2019 @ 11:56 am

        The sad thing is that the regulator will use the excuse that if a firm is not regulated, then it is beyond their scope of competence to take action. Which, in effect, makes a mockery out of regulation in the first place. The FCA just goes after low-hanging fruit like UBS which is easy and lucrative. They simply can’t be bothered with small, difficult cases like Cadde Wealth – even though they are an integral part of much bigger scams.

        Reply

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