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.”
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.
A CARDIFF man who used fake identities on dating sites to defraud three women of almost £50,000 has been jailed.
Rodney Roberts, aged 40, of Trowbridge, Cardiff, was sentenced at Newport Crown Court to five years and one month in prison after pleading guilty to fraud by false representation.
Officers from the Proactive Economic Crime Team at the Tarian Regional Organised Crime Unit (ROCU), working with South Wales Police, found that Roberts defrauded three victims of a combined £49,580 between 2021 and 2024. He contacted the women through online dating and social media platforms while using the false name “Paul Smith”.
Roberts first contacted a victim in February 2021. He initially claimed to be an American from California working in the UK as an attorney and financier. He later told the victim this was merely a cover story and that he was in fact an intelligence agent. Roberts claimed that because of his work he did not have direct control of his finances and asked the victim for financial help.
During the relationship he persuaded the woman to invest money in a fictitious investment company. He also assisted her in selling her home so she could invest more money into the scheme and encouraged her to open a bank account in her name for him to use. Unknown to the victim, Roberts also opened a cryptocurrency account in her name.
Roberts contacted a second victim in October 2022. Again he encouraged her to invest in what he claimed was a lucrative opportunity promising high returns. He showed her screenshots which appeared to show the investment growing in value, but these images were fabricated. Throughout the relationship Roberts repeatedly gave excuses for why he was unable to repay the money.
He contacted a third victim in March 2024, this time claiming to be an American television producer working for the BBC on a two-year visa. Roberts told the victim he was struggling to access his American bank accounts and asked for money to help him put down a deposit on a flat. As before, he used fake screenshots of accounts to convince her the investment was genuine, before providing excuses as to why the borrowed money could not be returned.
The third victim eventually became suspicious and carried out online searches, which led her to two historic news reports detailing previous fraud offences committed by Roberts under the alias Paul Smith. She then contacted South Wales Police.
Detective Constable Amanda Davies, of Tarian ROCU, said romance fraud was a growing and highly damaging crime.
“Offenders deliberately exploit trust and vulnerability,” she said. “Victims are often left with not only significant financial losses but also psychological distress and embarrassment, which can prevent them from reporting the offence.
“I am pleased with the sentence handed down today and hope it sends a message to others who would behave in such an abhorrent way for financial gain.
“I would also like to recognise the courage shown by the victims in helping us pursue a conviction and bring Roberts to justice.”
DC Davies urged anyone forming relationships online to remain cautious.
“Common warning signs include requests for money, reluctance to meet in person or by video call, or pressure to keep a relationship secret. Another warning sign is ‘love bombing’, where a new or prospective partner overwhelms someone with excessive attention, affection or grand gestures early in the relationship.
“Fraudsters are skilled at creating narratives that sound believable. If something feels too good to be true, trust your instincts and speak to friends or family.
“If you believe you may have been a victim of romance fraud, report it to Action Fraud.”
She added that Tarian ROCU would continue to pursue fraudsters and bring them before the courts.
VISIT PEMBROKESHIRE will host a highly anticipated political Q&A session at its upcoming Tourism Summit 2026, giving tourism businesses the opportunity to engage directly with candidates standing in the forthcoming Senedd elections this May.
As Wales’ first and only hybrid Destination Management Organisation, Visit Pembrokeshire brings together both public and private sector partners to support and develop the region’s visitor economy. This collaborative approach will be reflected in the format of this year’s summit, which combines leading industry speakers with a dedicated political panel discussion.
The Q&A session will provide a platform for tourism operators and industry professionals to raise key issues affecting the sector, while offering political candidates the opportunity to outline how their respective parties plan to support Pembrokeshire’s most significant economic driver.
Tourism businesses across the county continue to navigate a changing policy landscape and wider economic pressures. These include the 182-day rule for self-catering accommodation, rising operating costs, the proposed Visitor Levy, and increasing regulatory and licensing requirements.
For many operators, these pressures come alongside ongoing challenges such as recruitment difficulties, seasonality, energy costs and the need to maintain year-round viability for the many small and family-run businesses that form the backbone of Pembrokeshire’s visitor economy and rural communities.
The session will explore how the sector can work collaboratively with policymakers to support a thriving visitor economy while delivering Visit Pembrokeshire’s shared ten-year vision of becoming a world leader in regenerative tourism.
Neil Kedward, Chair of Visit Pembrokeshire’s Board of Directors, said: “Tourism is Pembrokeshire’s largest economic driver and supports thousands of local jobs, businesses and communities. With the upcoming Senedd elections, this summit provides an important opportunity for the sector to engage directly with those who may help shape the policies that affect our long-term future.
“We want our political representatives to succeed, and that means ensuring they are properly informed, connected to the businesses on the ground, and able to hear first-hand about the opportunities and challenges facing the industry. Creating space for open dialogue like this is an essential part of modern politics, particularly at a regional level where the impact of decisions is felt most directly.
“Our hope is that these conversations help build stronger understanding and partnership between tourism businesses and policymakers as we work together towards a thriving and regenerative visitor economy.”
Emma Thornton, Chief Executive of Visit Pembrokeshire, added: “The Tourism Summit is designed to bring together the people shaping the future of Pembrokeshire’s visitor economy. By inviting political candidates to hear directly from tourism businesses, we are creating an open platform for meaningful discussion about both the challenges and opportunities facing the sector.
“Pembrokeshire has an incredibly strong tourism industry, and collaboration between business, government and communities will be essential in ensuring it continues to grow in a sustainable and responsible way while achieving our shared long-term vision for the visitor economy.”
The Visit Pembrokeshire Tourism Summit 2026 will bring together tourism operators, policymakers and industry leaders from across Wales for a day of insight, discussion and networking focused on the future of the region’s visitor economy.
The event is proudly supported by Barclays, whose sponsorship reflects a shared commitment to supporting local businesses and the continued growth of Pembrokeshire’s visitor economy.
Tickets are available now via Eventbrite.
A CARMARTHEN woman has been given a suspended prison sentence after admitting a string of shop thefts across the town along with assault and criminal damage.
Jessica Mudd, aged 33, of Ross Avenue, Carmarthen, appeared before magistrates facing multiple offences committed during February this year.
The court heard that Mudd carried out a series of thefts from shops in Carmarthen over a period of days.
On February 13, she stole a number of clothing items worth £85.95 from New Look in St Catherine’s Walk. On the same day she also took miscellaneous goods worth £44 from Flying Tiger in the same shopping centre.
Further offences followed later in the month. On February 20 she stole baby items worth £100 from TK Maxx in Merlin’s Walk and nappies worth £28 from B&M on Hall Street.
Two days later, on February 22, she stole cleaning products and a joint of beef valued at £85.42 from the Co-op on King Street.
The offences continued on February 24 when Mudd stole a pair of Lunar Boots worth £65 from Coco Blush in Cambrian Way.
The court also heard that on February 24 she assaulted David Gareth Watson on Mansel Street by beating him. During the same incident she damaged clothing and glasses belonging to Mr Watson.
Magistrates dealt with the offences together.
Mudd was sentenced to a suspended term of imprisonment. The custodial sentence will not take effect unless she commits further offences during the suspension period.
She was also ordered to pay £85 in prosecution costs.
The case was heard at Llanelli Magistrates’ Court.
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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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