Connect with us
Advertisement
Advertisement

News

£112m pension swindle

Published

on

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.
11 Comments

11 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

Leave a Reply

Your email address will not be published. Required fields are marked *

News

First UK broadcasting devolution study gets go ahead

Published

on

THE FIRST four-nations study of broadcasting policy in a devolved UK is set to begin following the awarding of a major research grant to a Welsh expert.

Leading the study, Professor Jamie Medhurst from the Department of Theatre, Film and Television Studies at Aberystwyth University will work alongside Dr Phil Ramsey from Ulster University, Dr Inge Sorensen from the University of Glasgow, and Dr Tom Chivers from Goldsmiths, University of London.

Professor Jamie Medhurst from the Department of Theatre, Film and TV Studies at Aberystwyth University 

Many policy areas, such as health and education, are the responsibility of the devolved governments in Wales, Scotland and Northern Ireland.

However, the legislative and ministerial powers for broadcasting remain in Westminster; held by the Secretary of State for the UK-wide Department for Culture, Media and Sport.

There is growing pressure from political parties in the devolved nations for broadcasting powers to be devolved, most recently in the Plaid Cymru and Scottish National Party manifestos for the 2024 General Election.

Professor Jamie Medhurst from the Department of Theatre, Film and Television Studies has been awarded a £79,600 Arts and Humanities Research Council (AHRC) Curiosity Grant to conduct the research.

Professor Medhurst said: “The concept of the UK – as a unitary state, made up of four nations – is coming increasingly under pressure, and the issue of how broadcasting both reacts to and shapes these debates is a growing issue on policy, political and academic horizons.

“This two-year project will provide a unique and novel forum for discussion, knowledge exchange and cooperation on current and future broadcasting policy in an evolving UK, with a focus on the devolution of broadcasting powers to Wales, Scotland, and Northern Ireland.”

Dr Patrick Finney, Pro Vice-Chancellor for the Faculty of Arts and Social Sciences at Aberystwyth University said: “This research will make an important and timely contribution by helping to inform future debate and decision-making; benefitting policymakers, researchers, stakeholders and wider public understanding at a critical moment in the future of UK public service broadcasting.”

The research team will hold a workshop in each of the nations, bringing together academics, policymakers, politicians, and broadcasters to consider how broadcasting might operate in a more devolved United Kingdom.

Following each workshop, a briefing paper will be produced, drawing together the main issues discussed, together with policy recommendations.

In April 2027, a UK-wide conference will be held, where the final project report will be published.  The report will reflect on the findings of the project and will provide a strong evidence base for decision making and policymaking going forward.

Continue Reading

Community

Haverfordwest Carnival to make a comeback after six-year hiatus

Published

on

THE MUCH-LOVED Haverfordwest Carnival, which has been absent from the local summer calendar for six years, is set to return in 2025. The event, which last took place in 2019 before the pandemic caused large gatherings to be cancelled, is eagerly anticipated by locals who are hopeful for a vibrant revival.

The carnival, known for its bright floats, marching bands, and community spirit, will once again fill the streets of the county town next year. It is being organized by Pure West Radio in partnership with Haverfordwest Town Council, and they are now reaching out to the public for input on key details, including the theme, preferred date, and ways to support the event.

Pure West Radio shared the exciting news on social media, announcing, “After six years, Haverfordwest Carnival is back for 2025! We’re partnering with Haverfordwest Town Council to bring back this iconic event, and we want to hear from you. What theme would you like to see? What day works best for you? And how would you like to get involved? Share your thoughts with us here.”

The announcement has been met with excitement from the community. Emma Flan reminisced, “The carnival was always the highlight of the summer when I was growing up. The town would be buzzing, with everyone out enjoying the day and night. So happy to see it returning, and I hope everyone gets involved.”

Others, like Michelle Dukes, agreed, saying, “It’s great news – the town really needs an event like this,” while Lucy Lulu Eagles fondly recalled, “I loved the carnival! I’d always look forward to the band playing and seeing the floats with the kids.”

One memorable edition of the carnival took place in 2006, when it was held at the Picton Playing Fields, featuring a Queen tribute act and a junior talent show. The 2018 carnival marked a major revival of the event after a few years’ absence, with a maritime theme celebrating the ‘Year of the Sea.’ Despite the wet weather, the procession, which started from County Hall, drew a big crowd and made its way through the town to Bridge Meadow.

The 2019 carnival saw the event moved to a Sunday as a grand finale to Haverfordwest Festival Week, and the sunny weather ensured a wonderful day out for all involved.

While the weather remains unpredictable for 2025, local input is highly encouraged to help make the event one to remember. If you have ideas or feedback, you can share them via the survey linked above.

Continue Reading

Community

Classic motorcycles roar into Haverfordwest this weekend

Published

on

CLASSIC bike enthusiasts are gearing up for a spectacular event at Haverhub this Saturday (May 3), as the Pembrokeshire Vintage and Classic Motorcycle Club hosts its eleventh annual Classic Bike Show.

The event, which runs from 10:00am to 4:00pm, is free to attend and promises a stunning display of 55 classic motorcycles, spanning from the 1920s through to the 1990s.

The show supports a range of worthy causes, including Milford Haven Sea Cadets, VC Gallery, Blood Bikes Wales, the Welsh Air Ambulance, road safety initiatives, Queen Elizabeth Hospital Birmingham Liver Transplant Centre – which serves patients across Wales – and Haverhub itself.

Crowd favourite Becket “The Bullet” Thomas will be providing live entertainment during the afternoon, adding to the festival atmosphere.

Although entry is free, organisers are encouraging visitors to make donations to the supported charities, all of which provide vital services both locally and nationally.

A spokesperson for the club said: “We are really excited to showcase these wonderful machines and to support so many good causes at the same time. It’s a great day out for all ages.”

The event takes place at Haverhub, Quay Street, Haverfordwest. All classic bikes are welcome.

For more information or to register a bike, contact Glyn on 07795 485724 or email [email protected].

Continue Reading

Community19 hours ago

Raw sewage floods school playground hours after major development plans lodged

A MAJOR sewage flood at Broad Haven School has sparked outrage in the village, coming just hours after a planning...

Community1 day ago

Crowds pack Cardigan for Barley Saturday celebrations

CARDIGAN was packed on Saturday (Apr 26) as people gathered for the town’s traditional Barley Saturday festivities. The popular event,...

News2 days ago

Major emergency response at Goodwick seafront

A CRITICAL medical incident at Goodwick seafront prompted a major emergency response on Friday (April 25). The alarm was raised...

Community3 days ago

Trefin to host VE Day 80th anniversary celebrations

TREFIN and surrounding communities will mark the 80th anniversary of VE Day with a full day of commemorative events on...

Community3 days ago

Paul Davies joins growing backlash over £40m Newgale road scheme

Senedd Member backs STUN’s £500k alternative to protect coast without harming village SENEDD Member Paul Davies has joined growing opposition...

News3 days ago

Joint exercise rolls into back-to-back shouts for Fishguard RNLI volunteers

A ROUTINE training night for volunteers quickly took a turn which saw them participate in two service launches before going...

Entertainment3 days ago

Biggest feature film shot entirely in Wales released today

HAVOC, the biggest feature film ever shot entirely in Wales, premieres today (Friday, April 25) on Netflix. Backed by Welsh...

News4 days ago

Social care crisis reveals urgent need for funding reform

INCREASING demand, flatlining budgets, and systemic neglect are pushing adult social care to the brink—especially in rural areas like Pembrokeshire....

Crime5 days ago

Paddleboarding boss jailed for ten years after deaths of four in river tragedy

Judge condemns ‘flagrant disregard’ for safety as four families left devastated by tour leader’s fatal failings THE OWNER of a...

Crime5 days ago

Drugs, deaths and drones: Damning report highlights crisis at Parc Prison

NEARLY 900 DRUG FINDS, 17 DEATHS IN A YEAR, AND INMATES LOCKED UP FOR 21 HOURS A DAY A DAMNING...

Popular This Week