Business
1 Stop directors made millions
THE PEMBROKESHIRE HERALD can reveal that 1 Stop Financial Services directors Timothy Hughes and Andrew Rees obtained massive incomes while mis-selling pensions products to nearly 2,000 customers across the UK.
Mr Hughes’ total declared income received during the period October 2010 to November 2012 was £1,511,846, while Mr Rees benefited to the tune of £1,181,437 at the same time.
After obtaining further information from the Financial Conduct Authority (FCA), the Pembrokeshire Herald is able to expand and clarify its article concerning the activities of Haverfordwest financial advisors Tim Hughes and Andrew Rees, who formerly traded as 1 Stop Financial Services.
The Herald can reveal that, while the pair were cleared of dishonesty by the FCA, elements of the conduct that led to the pair being ordered to pay penalties to the Financial Services Compensation Scheme in the region of £500,000, are capable of being construed as sharp practice.
In particular, the FCA highlights how the pair managed to rake off referral fees for themselves from a separate and unregulated company, EGI, of which they were both directors and shareholders.
Mr Rees and Mr Hughes not only obtained commission as introducers of business but fees from their customers in the region of £3,000 a time.
This receipt of financial benefit created a conflict of interest, as 1 Stop advised customers to transfer their pensions into a SIPP in order to purchase an underlying investment when Mr Rees and Mr Hughes had also a financial interest in facilitating the sale of that investment to the customer (through EGI). However, the pair failed to disclose, manage and mitigate adequately this conflict of interest.
Even when a declaration was placed into customer documentation recording the link between 1 Stop and EGI, it failed to mention the financial interest of Mr Rees or Mr Hughes in EGI.
As a result of their actions, 1,959 of 1 Stop’s customers were at risk of having invested a total of £112,331,229, mostly from pension funds including some final salary schemes, into SIPPs which may not have been suitable for them.
The FCA also found that customers’ wishes to securely invest their pension savings in secure products were ignored and risky investments entered into instead. In the case of one customer who wished to adopt a low-risk strategy, their final salary pension fund was channeled into an unsuitable and very risky investment.
In addition, customers including a joiner, builder and a publican were all certified by Messrs Rees and Hughes as having a high level of understanding of risky “wrapper-type” investments involving complex property transactions. The FCA did not believe the records created by 1 Stop in this regard.
49% of those customers affected were encourage to invest in overseas property developments operated by Harlequin Properties. None of those customers received any advice from 1 Stop on the suitability of that overseas property investment.
The Harlequin group of companies are engaged in the development and distribution of overseas property investments and resorts.
On January 18, 2013, the FCA issued an alert to financial advisers about investments in overseas properties bought through Harlequin Property. In March, the Serious Fraud Office (SFO) announced that it, together with Essex Police, was looking into complaints in relation to the Harlequin group. Investors who have invested in specific resorts were asked to contact the SFO.
On May 3, 2013 administrators were appointed for Harlequin Properties.
1 Stop customers who invested in risky investments on the advice of Mr Rees and Mr Hughes have been placed at significant risk of potentially losing all of their money.
In light of their personal liability for the negligent and incorrect advice tendered to their customers, Mr Rees and Mr Hughes were both banned from performing any significant influence function in relation to any regulated activity, carried on by any authorised person, exempt person or exempt professional firm.
In both cases, the FCA decided to impose that penalty neither Mr Rees nor Mr Hughes were judged a fit and proper person in terms of competence and capability.
Harlequin Property are the primary agent for Harlequin Hotels and Resorts, who they say create luxury five star resorts in various locations across the Caribbean. Their mission statement is to,
‘deliver excellent long term returns on clients’ investment by selecting property developments in the most desirable locations’.
The Serious Fraud Office told The Herald that: “The SFO, together with Essex Police, continues to investigate the Harlequin group of companies. We are not able to comment on the on-going investigation nor are we able to comment on an individual’s particular investment.”
In 2013 Harlequin were caught up in a mortgage scandal that saw investors in their properties put at risk of losing around £400 million of deposits.
Investors in Harlequin’s various property ventures and hotel resorts were required to pay a deposit of 30% of their property’s price to secure their investment. Where investors needed to take out a mortgage to pay for the remaining 70% of the property purchase, Harlequin offered to provide a loan which the investors could pay back upon completion.
However, investors were then asked to find around £157,150 each to pay for the properties without the aid of Harlequin’s ‘value guaranteed mortgage’.
Gareth Fatchett, partner at Regulatory Legal speaking in New Model Advisor, said, “Only 2% or respondents could complete without a mortgage, which means 98% of people will go into breach of contract, and Harlequin is saying if they don’t complete their payment they’ll lose their deposit. Advisers should have known from the outset there was not a mortgage available. I’d go so far as to say we’ve seen no evidence of a mortgage relating to a Harlequin property. I suspect the 10% or 15% commissions may have made advisers not check. It’s a huge mis-selling [scandal]. Advisers knew the people they were taking into these contracts couldn’t afford to complete, so therefore the mortgage was by far the most vital thing.”
Business
Over 150,000 journeys made using new Pay As You Go rail ticketing
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MORE than 150,000 journeys have been completed using the new Pay As You Go ticketing system in South Wales since its launch three months ago, making it Transport for Wales’ (TfW) fastest-growing ticketing product.
TfW became the first train operator outside London and the south-east of England to introduce the system last year. In November 2024, tap-in, tap-out technology was made available at 95 railway stations across South Wales, with fares starting at just £2.60.
The system provides automatic daily and weekly fare capping, offering significant savings compared to standard anytime singles and seven-day season tickets.
Expanding ticketing technology
Similar technology, offering tap-on, tap-off ticketing, is also being used for bus services in North Wales. Recent figures show that over 40% of transactions for those services are now made through the system.
Three years ago, TfW introduced a single integrated ticket covering both bus and rail services, allowing faster and cheaper travel between South Wales and Aberystwyth. Between April and December 2024, around 7,000 people used the integrated ticket for journeys between Carmarthen and Aberystwyth.
Transport leaders welcome success
Cabinet Secretary for Transport and North Wales, Ken Skates, said: “I am delighted that more and more passengers are opting for Pay As You Go, making the most of a simpler and fairer way to pay for rail and bus tickets.”
Alexia Course, Chief Commercial Officer at TfW, added: “We want to offer customers the fastest, easiest, and cheapest ticketing option, and tap-on, tap-off technology enables us to do this.
“We are proud to be one of the first train operators outside London to introduce this system at 95 stations across South Wales. It was a key commitment of the South Wales Metro, and its success as our fastest-selling product reflects strong passenger demand.
“We are also using similar technology for bus services in North Wales, and our integrated ticketing model continues to gain traction. These developments are crucial as we move towards our vision of ‘one network, one timetable, one ticket.’”
Business
SPARC’s Career Connections event inspires next generation of young women
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MORE than 150 female secondary school students from the SPARC Alliance initiative came together for a successful Career Connections event at Pembrokeshire College this month.
The SPARC Alliance introduced the young women to leading industry professionals to explore career opportunities in renewable energy, construction, engineering, and maritime industries.
Luciana Ciubotariu, CEO of Celtic Freeport and SPARC Patron, delivered an inspiring opening speech, encouraging students to embrace curiosity, stay open to new opportunities, and step boldly into industries where women have historically been underrepresented.
Ms Ciubotariu said: “This event is all about you—your future, your possibilities, and the incredible careers waiting for you. All industries need more women, and even though some spaces haven’t always seemed open to us, they absolutely are. You belong wherever you want to be.”
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Designed to inspire, empower, and connect, the event included the recording of a podcast interview hosted by Apollo Engineering, and an inspiring closing talk from Captain Louise Sara and Kristy Dawson (Carnival Corporation), who shared their experiences of navigating the maritime industry.
There was also an interactive ‘Career Connections’ session where SPARC pupils used Career Passports to engage directly with industry professionals and discover skills essential for Wales’ fastest-growing sectors.
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Despite progress, women remain underrepresented in STEM careers and with the UK’s low-carbon energy workforce set to grow by nearly 500,000 jobs by 2030, initiatives like SPARC play a critical role in ensuring young women see themselves in these careers and have the confidence and knowledge to pursue them.
Throughout the day, students engaged in career discussions, interactive activities, and hands-on experiences with professionals from Apollo Engineering, Blue Gem Wind, Celtic Freeport, ERM, Laing Rourke, Ledwood Engineering, Lincweld, , KIER, INSITE Technical, Morgan Sindall, Marine Power Systems, Pembrokeshire College, Pembrokeshire Coastal Forum, the Port of Milford Haven and RWE.
Hayley Williams (Pembrokeshire College), Rob Hillier (Pembrokeshire County Council), and Holly Skyrme (Pembrokeshire Coastal Forum), who coordinated the event, expressed their gratitude to industry partners for making the event such a success.
“Your engagement and enthusiasm have made a real impact, helping students to recognise the exciting career paths available to them. We’re looking forward to seeing what this incredible cohort of young women achieves in the future,” they added.
For further information about the SPARC Alliance and future events, please contact holly.skyrme@pembrokeshirecoastalforum.org.uk or follow on Facebook https://www.facebook.com/PCFCiC
Business
Green light for Tata Steel UK’s £1.25bn Electric Arc Furnace project
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TATA STEEL UK’S proposals for a £1.25bn Electric Arc Furnace (EAF) based steel making facility at its Port Talbot site have been approved by Neath Port Talbot Council’s Planning Committee.
The decision taken on Tuesday, February 18th, 2025, paves the way for a new era of green steel making in Port Talbot just months after Tata closed its traditional blast furnaces in the town at the cost of thousands of jobs.
The Planning Committee granted approval for the project subject to a long list of conditions and the signing of legal agreements which include securing long term ecological management and mitigation at the site.
While primary steelmaking at Port Talbot ended last September with the closure of the blast furnaces and the ‘heavy end’ of the plant, the new EAF will produce steel by effectively melting scrap steel using high intensity electric currents.
The Port Talbot EAF will be accompanied by two new ladle furnaces in which liquid steel produced by the EAF will be further processed. The new furnaces are due to start operating in 2027 with a crude steel capacity of 3m metric tonnes per year. Molten metal will be tapped from the EAF at a rate of 320 tonnes every 42 minutes.
Traditional steelmaking at Port Talbot used three main raw materials; iron ore, coal and lime. Iron ore will not be required in EAF steelmaking and lime use will be much reduced. Coal will still be required as a reducing agent but in much smaller quantities.
The Tata proposals, described in a planning officers’ report as being of “national strategic importance”, will see the demolition of a number of existing buildings and structures within the current steelworks boundary alongside construction of the new EAF.
This proposal forms part of a £1.25bn investment in the Port Talbot facility supported by the UK and Welsh Governments.
Tata Steel said in its planning application that since 2007 it had lost £4bn at Port Talbot – the position deteriorating further after 2023 due to a leap in energy costs and “ageing assets at the site which are expensive to maintain and operate”.
Tata added in its submissions: “EAF presents the most appropriate solution for the continued use of the Port Talbot site in comparison to alternative options. It will focus on recycling steel – the UK has a large surplus 8 million tonnes exported every year, which is more than any other country in the world – and with ultra-low emissions if the electricity supplied to EAF comes from renewable sources.”
The committee heard there will be a “significant reduction” in emissions to air from the steelmaking process through the transition to EAF steel production.
The Leader of Neath Port Talbot Council, Cllr Steve Hunt, said: “Our primary focus in the move to less carbon intensive steel production at Port Talbot has been on mitigating the effect of the net loss of jobs on our communities here in Neath Port Talbot and further afield.
“Through the Tata Steel UK Transition Board, of which I am a member, we have access to up to £100m (£80m from the UK government and £20m from Tata Steel UK) which is being invested in skills and regeneration programmes for this area.
“The board and associated funding is being concentrated on immediate support for the people, businesses and communities directly affected by the transition to greener steelmaking and is being used to develop a plan for local regeneration and economic growth for the next decade.
“As the new £1.25bn EAF at Port Talbot given planning permission today forms part of that plan we must now work together to ensure it is a success.”
Welsh Secretary Jo Stevens said: “This decision is a significant step forward, providing more certainty over Tata’s plans for the site and for the future of steelmaking in South Wales.
“As part of our improved deal with Tata Steel, we have provided £500m to support the company’s transition to greener steelmaking.
“This is backed by a further £80m which we are investing directly into the community to support individual steelworkers and their families, businesses in the supply chain and on the regeneration of Port Talbot as we drive future economic growth in the area.
“We promised that we would deliver for our steel communities, and through this investment and the Steel Strategy we are doing just that.”
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Gareth Evans
April 25, 2014 at 6:07 pm
Disgraceful, both should hang your heads in shame and leave Pembrokeshire for good.
malclom cummings
April 26, 2014 at 10:07 am
Crooks the pair of them. Shamefull what they have done .Makes you think have they been at it elsewhere in their work as IFAS.
ronnie briggs
May 27, 2014 at 7:28 pm
if they had a brain between them may be they would have known they could not get away with what they were up too. door to door salesmen or tesco shelf stacker who would trust someone like that again hopefully they will look into there all so called business dealings