News
£112m pension swindle
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.”
Business
Thousands of homes in rural Wales gain from faster 4G boost
RURAL Wales is seeing a major upgrade in mobile connectivity, with faster 4G now live in several areas. Seven locations across North, South West, and West Wales are benefitting from new 4G mast upgrades funded by the UK Government’s Shared Rural Network (SRN), aimed at closing the digital gap between rural and urban areas.
The upgrades, which went live on Thursday (Nov 14), bring improved 4G coverage to communities including Bontddu, Llanelltyd, Llanarmon Dyffryn Ceiriog, Penmaenpool, Tabor, Snowdonia National Park, and Bontgoch. Local businesses, emergency services, and residents are expected to benefit from faster internet access, which supports daily communication, business opportunities, and economic growth.
Technology Secretary Peter Kyle said: “Fast, reliable connectivity is essential for modern life and should be available from Cardiff to the remotest parts of Wales. Today’s upgrades bring us closer to making this a reality.”
SUPPORTING DIGITAL INCLUSION
As part of the rollout, Peter Kyle and Telecoms Minister Sir Chris Bryant visited Ebbw Vale to discuss digital inclusion with charity and industry leaders. They met with representatives at BGfm, a digital inclusion hub in Blaenau Gwent, to learn about how connectivity impacts daily life in Welsh communities.
Telecoms Minister Bryant said: “We are working tirelessly to make sure rural communities aren’t left behind online.
“These upgrades mean businesses can now operate without connectivity limitations, 999 services are better equipped to respond, and residents and tourists can stay connected across the Welsh countryside.”
ADDRESSING CONNECTIVITY GAPS
An estimated 1.5 million homes across the UK remain without internet access, limiting people’s ability to access essential services such as banking and healthcare. In addition to the SRN upgrades, the Chancellor has allocated over £500 million in next year’s budget for digital infrastructure expansion, targeting these underserved areas.
Welsh Secretary Jo Stevens highlighted the importance of this investment, particularly for rural Wales, where fast, reliable internet can be transformative.
“Connectivity is critical for day-to-day life in rural areas – from supporting local businesses to ensuring emergency services are just a call away,” Stevens said.
The upgraded masts, previously limited to EE customers and emergency 999 calls, now serve a wider user base, bringing essential internet access to more people without requiring new infrastructure.
Ben Roome, CEO of Digital Mobile Spectrum Limited, said: “With the activation of five new SRN sites, Wales is seeing the tangible benefits of the Shared Rural Network, bringing crucial connectivity to rural communities.”
GOVERNMENT INVESTMENT IN REMOTE WALES
The improvements come alongside a £170 million agreement with Openreach to provide gigabit-capable broadband to 70,000 remote Welsh properties, helping future-proof digital access in even the most isolated locations.
The latest upgrades mark another step in the Government’s mission to improve mobile coverage and close the connectivity gap across Wales, creating opportunities and supporting economic growth across rural communities.
News
Milford Haven man admits to downloading indecent images of children
A MILFORD HAVEN man has been sentenced after admitting to downloading over 1,000 indecent images and videos of children, including highly explicit content involving young children. Gareth MacDonald, now 23, appeared before Swansea Crown Court, where he pleaded guilty to possessing indecent images and videos across various devices.
The court heard that police visited MacDonald’s home, which was the scene of protests after his arrest, last year following intelligence suggesting that child abuse images had been accessed there.
Officers spoke with MacDonald’s mother at the door before entering to conduct a search.
During the operation, two mobile phones, a tablet, a laptop, and two hard drives were seized.
MacDonald initially spoke to one of the officers privately, admitting to downloading the images and saying, “It’s me.” Later, in formal interviews, he revealed that he had grown “bored with legal pornography” roughly a year earlier, knowing that what he was doing was illegal but continuing regardless.
Prosecutor Emily Bennett informed the court that MacDonald’s devices held 15 Category A images, the most severe classification, 26 Category B images, and 960 Category C images. Some content depicted children as young as nine, and the most serious material involved pre-teen children in distressing situations.
Bennett also noted that MacDonald had briefly joined an online group where members self-identified as paedophiles, although he left without sharing any material. Cleaning software was also found on his devices.
Defense counsel Dan Griffiths acknowledged that MacDonald’s actions had crossed the custodial threshold, but argued that there was “a realistic prospect of rehabilitation.” He highlighted MacDonald’s cooperation with police and his willingness to comply with rehabilitation programmes.
Judge Geraint Walters, presiding over the sentencing, addressed MacDonald, saying, “For some considerable time, you have accessed this kind of imagery, fully aware of the harm it represents.” He acknowledged that MacDonald largely isolated himself and stayed at home, factors he considered in the sentencing.
MacDonald was sentenced to eight months in prison, suspended for two years, with a requirement to complete 20 rehabilitation activity days and participate in the Horizon programme. He was also ordered to register as a sex offender for 10 years and is subject to a sexual harm prevention order for the same duration.
News
Welsh teenager jailed for creating 3D-printed gun at home
A TEENAGER who assembled parts for a viable semi-automatic firearm using a 3D printer has been sentenced to nearly five years in prison.
Owain Roberts, 19, purchased nuts, bolts, steel barrels, and metal rods online, constructing components of an FGC-9 gun with the aid of a 3D printer.
Detectives said that this case marks the first of its kind in Gwent, where Roberts admitted to manufacturing a firearm component. He appeared at Cardiff Crown Court on Thursday (Nov 14).
In April, firearms officers executed warrants at two Newport addresses connected to Roberts. Seized items included a 3D printer, two laptops, six plastic reels, and parts for an FGC-9 firearm.
PC Tom Meazey, from Gwent Police’s East Serious Organised Crime team, stated: “Illegally-held firearms can lead to tragic consequences and devastate innocent people’s lives. To own a firearm, including a printable one, is illegal in the UK without a valid firearms certificate. Roberts’s reckless actions in buying items capable of manufacturing a firearm placed people at direct risk.”
This rare and complex investigation involved support from the National Crime Agency (NCA).
Roberts received a prison sentence of four years and nine months.
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“The sense of power and the great surge of energy that this earth provides is all I want my paintings to share”
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.
Ron Shirley
April 24, 2014 at 7:00 pm
Well, you cant cure stupid but you can train it.!
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!
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!
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.
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.
Shawn
April 24, 2014 at 7:40 pm
Good night banjo man, it’s been fun fishing.
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…..
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]
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
Rab
October 18, 2016 at 2:02 pm
You all took pension loans you scumbags