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.”
Crime
Pembroke Dock woman in court for failing to remove rubbish from property
A PEMBROKE DOCK resident is due to appear before Haverfordwest Magistrates’ Court later today (Nov 25) for multiple alleged breaches of a community protection notice.
Sheena Deacon, of 13 Wavell Crescent, Pembroke Dock, faces charges under the Anti-social Behaviour, Crime and Policing Act 2014, which carries a maximum penalty of a Level 4 fine.
The charges stem from allegations that Deacon failed to remove accumulated household waste from her property on several occasions. According to court documents, the breaches occurred on September 19, September 26, October 2, October 9, and October 17 this year.
The charges indicate that Deacon, despite being issued with a community protection notice, did not comply with the requirements to clear and appropriately dispose of refuse and household waste from her address.
The Herald will bring updates on the case as it progresses.
News
Welsh Conservatives urge Labour to scrap ‘family farm tax’
THE WELSH CONSERVATIVES have announced plans to bring forward a Senedd debate next week (Nov 27) calling on the UK Labour Government to abandon its proposed “family farm tax.”
The tax, introduced by the UK Labour Government, is being criticised as a move that will harm Welsh farming, threaten food security, and increase food prices. Alongside the Welsh Government’s Sustainable Farming Scheme and perceived “anti-farming agenda,” critics argue this new tax amounts to a coordinated effort to undermine the future of agriculture in Wales.
Shadow Minister warns of consequences
Ahead of the debate, Welsh Conservative Shadow Minister for Rural Affairs, James Evans MS, condemned the proposal, stating:
“Labour’s family farm tax will put family farms out of business, threaten our food security, and lead to food prices rising. Only the Welsh Conservatives will stand up for our farmers, and that’s why we’re bringing forward a Senedd motion calling on Labour to reverse this decision. No farmers, no food.”
NFU Cymru expresses alarm
NFU Cymru President, Aled Jones, echoed these concerns, highlighting the widespread opposition from the farming community. Speaking about the impact of the tax on Agricultural Property Relief and Business Property Relief, Jones said:
“Earlier this week, hundreds of farmers from across Wales journeyed to London to meet with their MPs and register their deeply held concerns about these misguided and ill-thought-out reforms.
“The proposals unveiled by the Treasury last month to introduce a tax on the passing on of our family farms to the next generation are a massive added burden. They will leave many farmers without the means, confidence, or incentive to invest in the future of their business.
“NFU Cymru reiterates its call for the UK Government to halt these changes.”
The motion to be debated
The motion, set to be debated in the Senedd, reads:
“To propose that the Senedd:
Calls on the UK Labour Government to reverse its decision to impose a family farm tax on agricultural businesses.”
This debate is expected to attract significant attention, with Welsh farmers and rural communities keenly watching for the outcome.
Community
Internet outage for two villages after exchange box destroyed
RESIDENTS of Clunderwen and Llandissilio have been left without internet access following the destruction of an Openreach exchange box just outside Llandissilio village.
The incident occurred yesterday (Nov 23) when the box was reportedly demolished by a vehicle. The damage has resulted in a complete loss of internet services for the two villages, with repairs expected to take at least a couple of days.
Local residents have expressed frustration over the disruption, as the outage affects home businesses, remote workers, and households relying on internet connectivity for day-to-day tasks.
Openreach engineers have cordoned off the site, and work is ongoing to assess the extent of the damage. A spokesperson for Openreach has been contacted for comment but had not responded by the time of publication.
The vehicle involved in the incident has not yet been identified. Anyone with information about the collision is urged to contact the local police.
With repair timelines unclear, affected residents have called for increased communication from service providers to manage expectations during the outage.
“Bringing the community back online is a priority,” a local resident said. “We’re hoping Openreach can resolve the issue quickly and ensure it doesn’t happen again in future.”
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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