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£112m pension swindle

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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.
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Search for missing Pembrokeshire man scaled back by police

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FOLLOWING nine days of extensive searches on land and sea, we can confirm that the search for missing man Jai has been scaled back.

Police said in a statement: “We launched a search for Jai, aged 40, in the area around Hobbs Point on the morning of Monday, 20 March, following a sighting of Jai and his car, a silver Honda Civic, in the area.

“In the past week we have carried out extensive searches using the force’s specialist search team and police search adviser (POLSA), marine unit, specialist sonar, drones, dog unit, as well as working with South Wales Police’s dive team, the NPAS helicopter and Coastguard.

“A decision was made yesterday to scale back the search, which has been communicated with Jai’s family.

“However, we will act on new information, and officers continue with missing person enquiries.
“We are appealing for people not to put themselves in danger, particularly near the River Cleddau, if they are attempting to look for Jai.

“If you have information that could help with that investigation, please let us know:”

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Pembrokeshire chef, Daniel Jones, wins Pub Chef of the Year 2023

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TALENTED chef Daniel Jones has scooped first prize in the Pub Chef of the Year category at the International Salon Culinaire awards 2023. The finals of the competition took place at ExCel London on 22 March 2023.

Executive chef Daniel is co-owner of JT at the Abergwaun Hotel, the hotel and restaurant in Fishguard, Pembrokeshire, recently awarded a 4* rating by Visit Wales. His winning dish of Lemon Sole, Spring Vegetables, Bluestone Ale and Pickled Cockle Vinaigrette with ‘Welshman’s caviar’ (handpicked laver seaweed from the Pembrokeshire coast) came first place amongst the seven finalists, and will be introduced to the restaurant’s menu this summer.

International Salon Culinaire is regarded as one of the world’s top competitions for chefs, with over 100 categories, from pastry to knife skills. The competition has been a platform for chefs of all levels, from the talented young chefs training at college, to those who are well established and firmly on their culinary career journey. Gordon Ramsey won Chef of the Year in 1992, and the awards have over the years seen world-class ambassadors including Michel Roux Jr and, this year, Monica Galetti.

The Pub Chef of the Year category launched in 2022 to celebrate the fine food in the pubs and bars of the UK, and to recognise the hard work, expertise and talent in the kitchens of these establishments.

First place winner Daniel said: “I am over the moon to win the Pub Chef of the Year at the International Salon Culinaire. It’s a great honour to have cooked alongside other great culinary talent, and I’m delighted to have been recognised by the esteemed judges on the panel this year. I’ll be taking my accolade back to my hometown of Fishguard, where I hope I’ve made the community proud.”

No stranger to competition, Daniel competed in Masterchef: The Professionals in 2010 and he reached the semi-finals of the National Chef of the Year awards in 2018.

His modern European restaurant JT At the Abergwaun Hotel is steeped in Welsh heritage, supporting local suppliers and offering ingredients like Welsh lamb and beef, plus the famous Fishguard Duck and chicken, along with a selection of fine Welsh cheeses. The A La Carte menu changes daily, depending on what can be sourced that day, from locally foraged, farmed or fished ingredients like local lobster and spider crab.

Daniel will be introducing all-day dining on Saturdays for all to enjoy – including non-hotel guests – and this summer, JT At the Abergwaun Hotel will launch a seven-course tasting menu to showcase Daniel’s award-winning cooking (including his winning dish!) and the local Pembrokeshire produce which he’s so proud of.

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Business

Tuk Tuk touring business with franchise hopes gets licence plate call turned down

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A SOUTH Pembrokeshire three-wheeler ‘tuk tuk’ tour business, which has hopes of creating a country-wide franchise has had a call for discreet signage on a support vehicle turned down.

Pembrokeshire County Council’s licensing sub-committee, meeting on March 27, considered an application to amend standard terms and conditions of a private hire vehicle.

The application, by Lorraine Niederlag of Begelly-based Tuk Tuk Time, asked for standard external private hire plates to instead be displayed internally for its “usually affluent” clients.

The application for this change of plates asked: “We wish to request the removal of the large private hire licensing plates, in exchange for more discreet internal plates. The intention is to focus on tours that would compliment our tuk tuk tours.”

The applicants said the charming three-wheeler Tuk Tuks were usually kept to south Pembrokeshire tours, and were not really suitable for county-wide day trips; the support car being used for that.

“As our clients are usually affluent, it would be detrimental to arrive in a pre-booked vehicle with such a ‘taxi’ image. In view of all bookings being pre-booked, we cannot see any safety issues for clients by more discreet signage,” the application added.

At the committee meeting, TUK Tuk Time said it hoped to use the support vehicle, bearing the signage “Wales’ premier travel” for some short trips from its campsite to restaurants until the business grew.

Lorraine Niederlag told members it was hoped that Tuk Tuk Tours could eventually become a franchise, with similar three-wheeler Tuk Tuk and support car schemes running in other parts of the country.

She told members that if the small plates call was turned down the support vehicle would be sold.


Cover image: Giving a shout out to the Rainbow Delivery Squad are Lorraine Niederlag, family and staff of Tuk Tuk Time. Picture: Gareth Davies Photography

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