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.”
Farming
Basic Payment Scheme 2025 balance paid to 95% of Welsh farmers
Final year of BPS as transition to Sustainable Farming Scheme begins
The WELSH Government says more than ninety-five per cent of farm businesses have now received their full or balance payment under the final year of the Basic Payment Scheme (BPS), ahead of the introduction of the new Sustainable Farming Scheme (SFS) in 2026.
Announcing the update on Friday (Dec 12), Deputy First Minister and Cabinet Secretary for Climate Change and Rural Affairs, Huw Irranca-Davies, confirmed that over 15,400 Welsh farm businesses have been paid £68.7m. This comes on top of the £160m issued in BPS advance payments since 14 October.
Final round of BPS payments
The Basic Payment Scheme, which has been the backbone of farm support in Wales for a decade, provides direct income support to help farmers plan and manage their businesses. BPS 2025 marks the last year in which full BPS payments will be made before the scheme begins to be phased out.
The Cabinet Secretary said officials would “continue to process the outstanding BPS 2025 claims as soon as possible,” adding that all but the most complex cases should be completed by 30 June 2026.
Payments issued today represent the main balance due to farmers following earlier advances, giving many businesses the cash flow they need during the quieter winter period—traditionally a challenging time in the agricultural calendar.
Shift to Sustainable Farming Scheme in 2026
From 1 January 2026, the Welsh Government will begin rolling out the Sustainable Farming Scheme, a major reform to how agricultural support is delivered. The SFS will reward farmers for environmental outcomes such as habitat management, carbon reduction and biodiversity improvements, alongside continued food production.
The government has argued that the new scheme is essential to meeting Wales’ climate and nature targets while ensuring long-term resilience in the sector. However, the transition has been closely watched by farming unions, who have raised concerns about the administrative burden, income stability, and the speed at which BPS is being phased out.
Mr Irranca-Davies reaffirmed the government’s stance, saying: “This government is steadfastly committed to supporting Welsh farmers to sustainably produce quality food. This is demonstrated today in our payment of the BPS 2025 balance payments and will continue throughout the transition period.”
Sector reaction
Farming unions are expected to scrutinise the detail of today’s announcement, particularly around remaining unpaid cases. Last year, late payments led to frustration in parts of the sector, with unions calling for greater certainty as the industry faces rising input costs, supply chain pressures and continued market volatility.
The move to the SFS remains one of the most significant agricultural policy changes in Wales since devolution. Ministers insist the shift is designed to support both food production and environmental stewardship, while critics warn the transition must not undermine farm viability—especially for family-run livestock farms that dominate rural areas such as Pembrokeshire, Ceredigion and Carmarthenshire.
What happens next
Farmers still awaiting their BPS 2025 balance will continue to be processed “as soon as possible”, the Welsh Government said. Officials will also publish updated guidance on the Sustainable Farming Scheme ahead of its launch.
The coming year will therefore become a pivotal moment for Welsh agriculture, as the long-standing BPS framework—which provided over £200m annually to Welsh farmers—makes way for a new results-based model that will shape the industry for decades to come.
News
Improved train timetable launches across Wales
Extra services, later trains and boosted Sunday routes as £800m rail investment takes effect
An improved train timetable has come into force across Wales today (Sunday, 14 December), with Transport for Wales (TfW) introducing more frequent services, stronger connections and additional late-night trains on key routes.
The winter timetable update brings one of the most substantial uplifts in recent years on the Wales and Borders network, forming part of the Welsh Government’s ongoing £800 million investment in brand-new rolling stock and reliability improvements.
More trains and later journeys
Among the upgrades, passengers will see:
- A new hourly additional service between Chester and Wrexham, effectively doubling the frequency on one of the region’s busiest commuter corridors.
- An extra train in each direction every day on the Heart of Wales line between Swansea and Shrewsbury.
- Three later last trains from Cardiff to Treherbert, Aberdare and Merthyr Tydfil, supporting shift workers and the night-time economy.
- A new hourly Sunday service on the Coryton line in Cardiff.
Cabinet Secretary for Transport and North Wales, Ken Skates, said improved connectivity was “absolutely vital” for economic growth and passenger confidence.
“These changes will make a real difference to customers, who will benefit from more services and greater connectivity,” he said. “This has been made possible by our £800m investment in brand-new trains for the Wales and Borders network.
“We will see the doubling of trains between Wrexham and Chester and a later service from the capital to valley communities. In South Wales, people will continue to benefit from simpler, fairer fares through TfW’s Pay As You Go service, and its forthcoming introduction in North Wales will help even more passengers access easy, transparent pricing.”
Full details of the updated timetable are available at: tfw.wales/service-status/timetables
News
Wrecked guard boat still under watch off north Pembrokeshire coast
Tidal changes monitored after dramatic early-morning rescue
A GUARD VESSEL that ran aground off the north Pembrokeshire coast in the early hours of Thursday morning (Dec 11) remains under close observation as tides continue to shift.
The Resolute, a 24-metre guard boat understood to be working for an offshore wind project off the Irish coast, had been sheltering in worsening weather when she was pushed onto rocks near Aber Hywel, Dinas, shortly after 3:25am.
Four crew members were onboard when the vessel grounded in rough seas and a strong southerly wind.

Major rescue effort launched
The crew issued an emergency alert, prompting a full multi-agency response.
A coastguard rescue helicopter, both Fishguard RNLI lifeboats, and coastguard teams from Fishguard and St Davids were sent to the scene.
Turbulent air made a winch rescue impossible and Fishguard’s all-weather lifeboat was unable to get close due to cliffs and submerged hazards. The inshore lifeboat was instead deployed to attempt a transfer in extremely challenging conditions.
During the evacuation, the third crew member descending to the vessel’s life raft slipped, fell into the water and was swept away. Speaking afterwards, RNLI crew member Cedwyn Rogers said the team immediately switched into “hyper-focused” mode as training took over.
Despite the casualty drifting, helm Warren Bean — a volunteer with more than 30 years’ RNLI experience — manoeuvred the lifeboat alongside, allowing crew to haul the man to safety. The remaining crew member was then retrieved, and all four were taken aboard the all-weather lifeboat and brought ashore to Fishguard.
All rescue units were later stood down.
Vessel still stranded and taking on water
The Herald understands that the Resolute remained aground on the rocks yesterday and was taking on water. The crew were later assisted back onboard by a local fisherman to assess damage on behalf of the vessel’s operators.
Management representatives from Ireland were due to arrive to draw up a recovery plan, including arrangements to remove fuel to prevent any potential environmental impact.
Further inspections have been taking place today as the team evaluates the next steps.
Coastguard statement
A spokesperson for HM Coastguard said: “At 3.28am on Thursday morning, HM Coastguard was made aware of a vessel with four persons onboard aground on rocks at Fishguard, Pembrokeshire. RNLI lifeboats and coastguard rescue teams from Fishguard and St Davids were sent to the scene. The four people aboard were rescued by lifeboat, and the helicopter was stood down. The vessel, which is still aground, is being monitored as tidal conditions change.”
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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
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