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£112m pension swindle

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1stop

THE FINANCIAL CONDUCT AUTHORITY has banned two Pembrokeshire businessmen from working in the financial industry after they orchestrated unsuitable self-invested personal pension (SIPP) switches to thousands of people in the county and beyond.

Andrew Rees and Timothy Hughes, who previously ran 1 Stop Financial Services in Haverfordwest pushed 2,000 clients into SIPPs which were not suitable for their needs.
The firm, has now ceased trading, but the pair have now opened a music shop on High Street called Musicians World in the same building where 1 StopFinancial took place.

The pair have been banned from performing any significant function in any regulated activity authorised by the FCA.

The FCA told the Herald that between October 2010 and November 2012, Rees and Hughes’ firm advised nearly 2,000 customers on switching their existing pensions (valued at in excess of £112m) into SIPPs. Their customers then used the SIPPs to invest in products such as diamonds and overseas property which were typically not permitted by the customers’ existing schemes.

The pair have been fined £490,100 but have instead agreed to pay that amount to the Financial Services Compensation Scheme, which is investigating redress claims by 1 Stop clients.

FCA director of enforcement and financial crime Tracey McDermott said: “By enabling customers to invest in unregulated and often high risk products without assessing suitability, these men exposed customers to the risk of losing their hard earned pension funds.

“This was then compounded by the partners’ failure to ensure that their customers fully understood these risks”.

Rees and Hughes failed to comply with the statement of principle for approved persons which states that a SIF must take reasonable steps to ensure that the business for which he is responsible in his accountable function complies with regulatory requirements, the regulator said.

The pair also failed to disclose a conflict of interest, as they were directors and shareholders of EGI, a firm that referred almost a quarter of 1 Stop’s SIPP customers during the relevant period.

EGI was paid a fee for referrals, meaning that Rees and Hughes were benefiting from both the fees paid by customers for the advice given by 1 Stop and also from the commission received by EGI.

Hughes also failed in his compliance duties.

Rees and Hughes, will be, according to the FCA, writing to all customers informing them of the situation.

Timothy Adrian Hughes spoke to the Herald by telephone yesterday. He said: “We are unable to comment on this matter as we are not legally permitted to do so. Any comments we make to the press need to be first cleared by the FCA in writing.”

The Pembrokeshire Herald understands that 1 Stop Financial services employed a compliance officer. Questions are now being raised if the compliance officer should have done more to prevent the risk to the 2000 customers, or if the buck stops at the owners of the firm.
The Pembrokeshire Herald has been contacted by a number of 1 Stop’s clients. One gentleman told us,  that he felt he had been swindled into investing his pension into more risky ventures than he was comfortable with.
The Pembrokeshire Herald continues to investigate.
16 Comments

16 Comments

  1. Shawn

    April 24, 2014 at 6:54 pm

    “Hiding behind your keyboard” says Reginald Dwight
    and “If you feel that strong about it, why post anonymous” says Anne Nominus!! Hillarious

    So that’s it then, its Stupid and Crooks.

  2. Ron Shirley

    April 24, 2014 at 7:00 pm

    Well, you cant cure stupid but you can train it.!

  3. Reginald Dwight

    April 24, 2014 at 7:10 pm

    Speaking of rot, I think this whole thing is rotten and you lot are the types of people who would see a car wreck and stand there gawping and pointing.

    Man up the lot of you!

  4. Anne Nominus

    April 24, 2014 at 7:16 pm

    Shawn – I think we all see the irony about posting anonymously under an anonymous name!

    Did you laugh when you worked that out? I bet you did! Your so clever you see!

  5. Shawn

    April 24, 2014 at 7:17 pm

    I still can’t work out which one of the salesmen you are Reg, I’d say you’re the one selling banjos. I could be wrong.

  6. Reginald Dwight

    April 24, 2014 at 7:33 pm

    Reply to Shawn.

    I am neither now nor have I ever been employed by 1 stop or their new venture in any way shape or form.

    I certainly don’t sell musical instruments either.

    Neither am I family or friend and also I have never been a client of their former pensions company.

    I am making an observation only and same as you, giving my tuppence.

    I would be happy to talk to some more about it Shawn but in all honesty, I’m already bored with you and your comments and one thing I’ve learned in my many years on this planet it, don’t waste your time with people that bore you.

    Good evening to you.

  7. Shawn

    April 24, 2014 at 7:40 pm

    Good night banjo man, it’s been fun fishing.

  8. sherry maile

    April 26, 2014 at 4:56 pm

    We were conned by these guys 6 years ago,but there was 3 of them then.I will be following this up…..

  9. dave ferris

    May 15, 2014 at 10:01 am

    sherry do you know if there is a group that has been formed to possibly sue this company . i was cooned into putting my money into guardian . [ spanish property market]

  10. mickeyd53

    August 22, 2014 at 5:10 pm

    Dave Ferris please feel free to contact me on [email protected] And yes they are still on the fiddle haha

  11. Rab

    October 18, 2016 at 2:02 pm

    You all took pension loans you scumbags

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Charity

Bluestone Foundation marks year of impact with more than £60,000 for local causes

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THE BLUESTONE FOUNDATION, the charitable arm of Bluestone National Park Resort, has marked a significant year of community investment after raising and distributing more than £60,000 to support projects across Pembrokeshire in 2025.

Run in partnership with the Pembrokeshire Association for Voluntary Services (PAVS), the Foundation has continued to expand its reach, backing a wide range of charities and community organisations working at the heart of the county.

During the year, the Foundation’s Community Fund delivered three rounds of grants, supporting projects focused on wellbeing, inclusion, creativity, and environmental protection.

Environmental organisations including BlueGreen Cymru, Greener Growth CIC and Sea Trust Wales received funding, alongside wellbeing and inclusion groups such as ASD Family Help, Get the Boys a Lift, No Shame Foundation and Silbers CIC.

Creative, youth and heritage organisations including Little Grebe Creative CIC, Pater Hall Community Trust, Milford Haven Community Society, Urdd Gobaith Cymru and VC Gallery also benefited.

In total, £32,968.57 was awarded through the Community Fund in 2025.

Fundraising events held at the Blue Lagoon Water Park generated a further £19,500 in unrestricted income. Under the Foundation’s funding model, 75 per cent of that money is passed directly to charities, with the remaining 25 per cent placed into a flexible fund to support causes that fall outside the Community Fund’s criteria.

Flexible funding totalling £4,500 was used this year to support initiatives including Sport Pembrokeshire’s Fit and Fed project, refurbishment work at Martletwy Young Farmers Club hall, Bloomfield Bus and Green Dragon Bus services, and Nacro’s Christmas appeal, providing food, warm clothing and essential items to people in crisis.

The Foundation also supported the PATCH Christmas Toy Appeal, encouraging staff and visitors at Bluestone to donate gifts for families referred to the charity during the festive period.

In addition, more than one hundred fundraising events across the region were supported through prize donations from the Foundation, including over 200 family passes to the Blue Lagoon Water Park, 32 overnight spa breaks and nine Bluestone holiday breaks.

Marten Lewis, Chair of the Bluestone Foundation said: “This year’s achievements reflect the heart of who we are at Bluestone. The Foundation exists to uplift the people and places that make Pembrokeshire such a special community.

“The impact of our partners, grant recipients and fundraising efforts in 2025 shows what is possible when we work together, and we are proud to see the difference it continues to make across the county.”

Looking ahead to 2026, the Foundation has confirmed continued support for Sport Pembrokeshire’s Fit and Fed project and will act as gold sponsor of the DPJ Foundation’s Macchu Picchu trek.

Five further Blue Lagoon fundraising events are already scheduled between February and August, supporting Local Cadets, Belles Story, Martletwy YFC Hall, Blue Horizons Coastal Adventure and Friends of Portfield School.

Tickets for those events are available via the Bluestone Foundation’s Eventbrite page.

For more information about the Bluestone Foundation, visit the Bluestone website.

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Community

Community gathers to remember Corrina Baker

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Lanterns and balloons released in emotional acts of remembrance

FAMILY, friends and members of the local community came together to remember Corrina Baker at a series of moving events held across west Wales this week.

Corrina’s funeral took place on Monday (Dec 15), a month after her death, with a public service held at St Mary’s Church. Mourners lined the route as her coffin was carried on its final journey in an elegant horse-drawn carriage, before a private cremation later took place at Parc Gwyn crematorium in Narberth.

Later that evening, shortly after 6:00pm, friends and relatives gathered at the Quayside in Cardigan for the first of two acts of remembrance to celebrate her life. Lanterns were lit and released into the night sky above the town as some of Corrina’s favourite songs were played.

On Tuesday afternoon (Dec 16), a second tribute was held near the location where Corrina was found. Twenty-one pink balloons — one for each year of her life — were released into a clear blue sky, each carrying personal messages in her memory.

Floral tributes continue to be laid at the Netpool, while a GoFundMe appeal set up in Corrina’s memory has raised more than £2,300. She has been described by those who knew her as “funny and bright”.

Dyfed-Powys Police have confirmed that their investigation into the circumstances surrounding Ms Baker’s death is ongoing. A 29-year-old man who was arrested on suspicion of murder has been released on bail while inquiries continue.

(Photos: Stuart Ladd/Herald)

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Community

Six untaxed vehicles seized in Milford Haven police operation

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SIX untaxed and abandoned vehicles were seized during a joint roads policing operation in Milford Haven on Tuesday morning.

Officers from the Milford Haven Neighbourhood Policing and Prevention Team (NPPT) worked alongside the Pembrokeshire Roads Policing Team as part of targeted enforcement across the town.

In addition to the vehicle seizures, a number of traffic offence reports were issued to drivers during the operation.

Police said the action formed part of ongoing efforts to improve road safety and tackle vehicle-related offences in the Milford Haven area.

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