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.”
Health
Clash over Withybush Hospital services as Paul Davies challenges First Minister
A HEATED exchange in the Senedd has laid bare growing tensions over the future of hospital services in west Wales.
During the final First Minister’s Questions session, Paul Davies MS challenged First Minister Eluned Morgan to intervene and stop Hywel Dda University Health Board from removing services from local hospitals.
Mr Davies told the Senedd: “Residents across west Wales are understandably upset and angry at these decisions to strip services from their local hospitals.
“They want the Welsh Government to stand up for them and stop the health board from removing those vital services.”
He said he had repeatedly called on ministers to act, adding: “I have asked you time and time again to work with me and stand up for the people of west Wales… will you now intervene and stop the health board removing services from west Wales, yes or no?”
First Minister rejects intervention
In response, the First Minister acknowledged public concern but refused to commit to direct intervention.
Eluned Morgan said: “I recognise that communities are very upset about the situation. I understand that people are committed to their local services.
“These services are deeply valued and they’ve got to remain safe. They’ve got to be sustainable. They’ve got to be deliverable.”
She stressed that decisions must be based on clinical advice, adding: “This has got to be a decision that is clinically led and really thinks about the objectives that it’s trying to achieve to get people better.”
Accusations of ‘spin’
The First Minister also accused Mr Davies of misrepresenting proposals around Withybush Hospital.
She said: “What about the spin that you put up… to say that emergency departments in Withybush were actually going to close?”
She pointed to planned improvements, including expanded orthopaedics, increased cancer care, seven-day diagnostics, and enhanced same-day emergency care.
“You fail to mention this every time you talk, Paul,” she added.
Ms Morgan then challenged the Conservative MS directly, asking: “Do you agree that we should have a brand new hospital in west Wales? Yes or no?”
Key election issue
The exchange underlines how healthcare in west Wales — and particularly the future of services at Withybush Hospital — is becoming a key battleground ahead of the upcoming Senedd election.
Concerns over service changes, travel times, and hospital capacity have been repeatedly raised by campaigners and politicians across the region.
News
First Minister at risk of losing seat as new poll reshapes Senedd election race
Latest survey suggests Labour could be pushed into third place as Plaid and Reform battle for top spot
THE FIRST MINISTER Eluned Morgan could lose her Senedd seat at the upcoming election, according to a major new opinion poll which signals a dramatic shift in Welsh politics.
The YouGov poll for ITV Cymru Wales, carried out in partnership with Cardiff University, suggests Welsh Labour is facing a significant downturn in support, with projections indicating the party could fail to win in several constituencies – including Morgan’s own seat of Ceredigion Preseli.

Plaid Cymru is forecast to emerge as the largest party, despite a slight dip in vote share to 33%. The party is projected to secure 43 seats – just short of an outright majority – putting leader Rhun ap Iorwerth in a strong position to attempt forming the next Welsh Government.
Reform UK has surged to 27% in the poll, closing the gap on Plaid and potentially securing around 30 seats in the Senedd. The figures underline a rapidly shifting political landscape, with Reform now firmly in contention as a major force.
Labour, meanwhile, is projected to win just 12 seats on 13% of the vote, placing it behind both Plaid and Reform. The results suggest the party may not return any Members of the Senedd in four constituencies.

Race for power tightening
Political analysts say the latest figures point to a two-horse race between Plaid Cymru and Reform UK.
Dr Jac Larner of Cardiff University’s Welsh Governance Centre said the poll shows a narrowing contest for the largest party, but added that Plaid remains better positioned to form a government due to wider coalition options.
He also noted that Labour’s support appears to have stabilised slightly since earlier in the year, following a difficult period, although the party remains well behind its traditional standing.
The Greens continue to perform strongly, polling at 12%, which could translate into around ten seats. Their rise does not appear to be eating into Plaid Cymru’s support, suggesting they are attracting a different group of voters.

Tories face wipeout threat
The poll paints a bleak picture for the Conservatives, who are projected to secure just one seat with around 7% of the vote. The Liberal Democrats, polling at 5%, are at risk of losing representation in the Senedd altogether.
Experts warn that the new electoral system could amplify small changes in vote share, leading to disproportionate losses for smaller parties.
Major change expected
With just weeks to go until polling day, the findings point towards a potentially historic reshaping of the Senedd.
The Herald understands that parties across Wales are now intensifying campaign efforts as the prospect of a change in government becomes increasingly likely.
A large number of new Members of the Senedd are expected to be elected, with the balance of power shifting away from traditional parties and towards a more fragmented political landscape.
Crime
Police stop car in Pennar as three arrested in drugs investigation
Suspected drug driver report leads to major police response and multiple arrests
DRAMATIC scenes were reported in Pennar on Monday afternoon (Mar 23) after multiple police vehicles were deployed to stop a car.
The incident happened at around 5:00pm near Pennar Court, Pembroke Dock, where officers located a stationary vehicle following reports of a suspected drug driver in the area.
Police attended and pre-emptively stopped the vehicle, also blocking a second car nearby.
Officers carried out searches of both vehicles and discovered suspected controlled substances.
A 32-year-old woman and a 47-year-old woman were arrested on suspicion of possessing class A and class B drugs with intent to supply. A 31-year-old man was arrested on suspicion of drug driving and possession of class A and class B drugs with intent to supply.
The 32-year-old woman has been released under investigation, while the 31-year-old man and 47-year-old woman have been released on unconditional bail.
Dyfed-Powys Police confirmed the incident followed reports of a man believed to be driving under the influence in the area earlier that afternoon.
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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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