Business
1 Stop directors made millions
THE PEMBROKESHIRE HERALD can reveal that 1 Stop Financial Services directors Timothy Hughes and Andrew Rees obtained massive incomes while mis-selling pensions products to nearly 2,000 customers across the UK.
Mr Hughes’ total declared income received during the period October 2010 to November 2012 was £1,511,846, while Mr Rees benefited to the tune of £1,181,437 at the same time.
After obtaining further information from the Financial Conduct Authority (FCA), the Pembrokeshire Herald is able to expand and clarify its article concerning the activities of Haverfordwest financial advisors Tim Hughes and Andrew Rees, who formerly traded as 1 Stop Financial Services.
The Herald can reveal that, while the pair were cleared of dishonesty by the FCA, elements of the conduct that led to the pair being ordered to pay penalties to the Financial Services Compensation Scheme in the region of £500,000, are capable of being construed as sharp practice.
In particular, the FCA highlights how the pair managed to rake off referral fees for themselves from a separate and unregulated company, EGI, of which they were both directors and shareholders.
Mr Rees and Mr Hughes not only obtained commission as introducers of business but fees from their customers in the region of £3,000 a time.
This receipt of financial benefit created a conflict of interest, as 1 Stop advised customers to transfer their pensions into a SIPP in order to purchase an underlying investment when Mr Rees and Mr Hughes had also a financial interest in facilitating the sale of that investment to the customer (through EGI). However, the pair failed to disclose, manage and mitigate adequately this conflict of interest.
Even when a declaration was placed into customer documentation recording the link between 1 Stop and EGI, it failed to mention the financial interest of Mr Rees or Mr Hughes in EGI.
As a result of their actions, 1,959 of 1 Stop’s customers were at risk of having invested a total of £112,331,229, mostly from pension funds including some final salary schemes, into SIPPs which may not have been suitable for them.
The FCA also found that customers’ wishes to securely invest their pension savings in secure products were ignored and risky investments entered into instead. In the case of one customer who wished to adopt a low-risk strategy, their final salary pension fund was channeled into an unsuitable and very risky investment.
In addition, customers including a joiner, builder and a publican were all certified by Messrs Rees and Hughes as having a high level of understanding of risky “wrapper-type” investments involving complex property transactions. The FCA did not believe the records created by 1 Stop in this regard.
49% of those customers affected were encourage to invest in overseas property developments operated by Harlequin Properties. None of those customers received any advice from 1 Stop on the suitability of that overseas property investment.
The Harlequin group of companies are engaged in the development and distribution of overseas property investments and resorts.
On January 18, 2013, the FCA issued an alert to financial advisers about investments in overseas properties bought through Harlequin Property. In March, the Serious Fraud Office (SFO) announced that it, together with Essex Police, was looking into complaints in relation to the Harlequin group. Investors who have invested in specific resorts were asked to contact the SFO.
On May 3, 2013 administrators were appointed for Harlequin Properties.
1 Stop customers who invested in risky investments on the advice of Mr Rees and Mr Hughes have been placed at significant risk of potentially losing all of their money.
In light of their personal liability for the negligent and incorrect advice tendered to their customers, Mr Rees and Mr Hughes were both banned from performing any significant influence function in relation to any regulated activity, carried on by any authorised person, exempt person or exempt professional firm.
In both cases, the FCA decided to impose that penalty neither Mr Rees nor Mr Hughes were judged a fit and proper person in terms of competence and capability.
Harlequin Property are the primary agent for Harlequin Hotels and Resorts, who they say create luxury five star resorts in various locations across the Caribbean. Their mission statement is to,
‘deliver excellent long term returns on clients’ investment by selecting property developments in the most desirable locations’.
The Serious Fraud Office told The Herald that: “The SFO, together with Essex Police, continues to investigate the Harlequin group of companies. We are not able to comment on the on-going investigation nor are we able to comment on an individual’s particular investment.”
In 2013 Harlequin were caught up in a mortgage scandal that saw investors in their properties put at risk of losing around £400 million of deposits.
Investors in Harlequin’s various property ventures and hotel resorts were required to pay a deposit of 30% of their property’s price to secure their investment. Where investors needed to take out a mortgage to pay for the remaining 70% of the property purchase, Harlequin offered to provide a loan which the investors could pay back upon completion.
However, investors were then asked to find around £157,150 each to pay for the properties without the aid of Harlequin’s ‘value guaranteed mortgage’.
Gareth Fatchett, partner at Regulatory Legal speaking in New Model Advisor, said, “Only 2% or respondents could complete without a mortgage, which means 98% of people will go into breach of contract, and Harlequin is saying if they don’t complete their payment they’ll lose their deposit. Advisers should have known from the outset there was not a mortgage available. I’d go so far as to say we’ve seen no evidence of a mortgage relating to a Harlequin property. I suspect the 10% or 15% commissions may have made advisers not check. It’s a huge mis-selling [scandal]. Advisers knew the people they were taking into these contracts couldn’t afford to complete, so therefore the mortgage was by far the most vital thing.”
Business
Huge slurry lagoon to be built in Pembrokeshire countryside

PLANS to build a new slurry lagoon at a 650-dairy herd Pembrokeshire farm have been given the go-ahead.
In an application to Pembrokeshire County Council, Richard Morris of Bowett Ltd sought permission for the construction of the lagoon, and associated works, at Quoits Hill Farm, Bentlass Road, Hundleton, near Pembroke.
A supporting statement through agent Cynllunio RW Planning Ltd stressed the applicant does not intend to increase livestock numbers on farm as a result of this 60 by 35 metre development.
“The Morris Family farm at Quoits Hill Farm and specialise in dairy farming. The farm is home to approximately 650 dairy cows plus followers. The herd is autumn calving with milk sold to Laprino. The home farm is grass based and extends to over 300 acres, with more off lying land utilised for growing winter forage.
“The family have invested significantly in recent years in on farm infrastructure to include a rotary milking parlour, silage clamps and covered feed yards.”
It added: “The proposed development seeks to increase the farms slurry storage capacity to above the five-month storage required by NVZ regulations. The existing slurry store and slurry handling facilities are not adequate to comply with the new regulations.”
It went on to say: “The proposed store will provide the farm with 6452 cubic meters of storage capacity (minus freeboard) which will equate to over 171 days storage. It is proposed to use the existing field slurry store as a lightly fouled water store to collect the parlour washings and reduce the size of the store required. Slurry will continue to be scrapped into the existing yard store and then pumped to the new store when required. This work will be monitored closely to reduce the risk of any leakage.”
It concluded: “The proposed development will enable slurry to be spread during the growing season rather than during more difficult weather conditions in the winter. This will be of benefit to farm efficiency and the wider environment.”
The application was conditionally approved.
Business
Post Office spent £600m to keep using flawed Horizon system

Roch postmaster among those still seeking compensation
THE POST OFFICE has spent more than £600 million of public money continuing to use the discredited Horizon IT system—despite accepting more than a decade ago that it needed replacing.
New documents reveal that then Prime Minister Tony Blair and senior Labour ministers were warned as far back as 1999 about serious flaws in the original £548 million deal with Fujitsu. A Treasury memo at the time flagged that the Post Office would not own the core computer code, leaving them locked into the supplier and vulnerable to spiralling costs. Officials warned Fujitsu could use the situation to “drive a costly settlement.”
Since then, the total spent on Horizon contracts has reached £2.5 billion, including £600 million spent since 2012 when the Post Office first admitted it needed to move on from the system. Replacement efforts have repeatedly failed, with a £40 million IBM project abandoned in 2016 and another attempt scrapped in 2022.

The latest replacement project—an internal system called New Branch IT (NBIT)—has run into delays and ballooning costs, with estimates now topping £1 billion. Despite past failings, the Post Office and Fujitsu are expected to remain in partnership until at least 2030.
The scandal surrounding Horizon continues to grow, following the wrongful prosecution of over 900 sub-postmasters. Although private prosecutions based on Horizon data were halted in 2015, campaigners say the damage done is still being felt by victims across the UK—including here in Pembrokeshire.
One of them is Tim Brentnall, who was just 22 when he and his parents bought the Roch Post Office. In 2010, he was prosecuted after a £22,500 shortfall appeared in the accounts—despite doing nothing wrong. Advised to plead guilty, he received an 18-month suspended sentence and 200 hours of community service. His conviction was quashed in 2021.
Earlier this year, Brentnall told the BBC he was “in disbelief” after being offered less than 17% of the compensation he had claimed. The offer came with a 50-page letter rejecting much of his legal and forensic case, and over 15,000 documents to sift through. He is now re-submitting the claim.
“There are people far older than me who should be enjoying their lives now,” he said. “Instead, they’re still fighting. People are dying without seeing justice. It’s not right.”
The Post Office says it is “fundamentally changing” as an organisation and has paid out more than £768 million to over 5,100 people affected by the Horizon scandal. However, many victims and campaigners say the compensation process remains slow, unfair, and deeply distressing.
Postal minister Gareth Thomas recently confirmed a further £276.9 million in government funding for the Post Office, including £136 million for future IT projects. He said the continued use of Horizon reflected “past underinvestment” and that postmasters needed better tools going forward.
A spokesperson for Tony Blair said the former PM took concerns over the Horizon contract seriously at the time and acted on independent advice. “It is now clear the Horizon product was seriously flawed. Mr Blair has deep sympathy for those affected.”
A separate 1999 memo was also sent to then-Chancellor Gordon Brown, but a spokesperson for Mr Brown said he would not have seen it and had no involvement in awarding the contract.
Despite public statements about reform, doubts remain over whether NBIT will ever be delivered—and whether true justice will ever be achieved for those whose lives were torn apart by the Horizon scandal.
Business
Wales and Japan strengthen partnership at Tokyo investor showcase

WALES’ longstanding relationship with Japan was reaffirmed and deepened this week during a high-profile investor showcase in Tokyo, part of the Welsh Government’s Year of Wales in Japan 2025 celebrations.
The Wales Investor Showcase, hosted by Cabinet Secretary for Economy, Energy and Planning Rebecca Evans, brought together leading Japanese entrepreneurs and companies across a range of sectors, with a focus on fostering long-term trade links and collaborative ventures.
The event centred on strategic areas of mutual interest, including renewable energy, digital innovation, and advanced manufacturing. It marked a significant moment in the decades-old partnership between the two nations, which began with the first wave of Japanese investment into Wales in the 1970s. Today, over 70 Japanese companies operate in Wales.
Cabinet Secretary Rebecca Evans said: “Deep-rooted connections between Wales and Japan have flourished for generations, with trade links thriving over the last 50 years.
“With the world’s economies searching for stability and growth, now is the perfect time to strengthen our ties with Japan. The optimism surrounding our shared ambitions has been truly inspiring.
“The showcase was about forging new connections, building on existing relationships, and exploring opportunities for sustainable, mutual growth that will benefit both nations for the next 50 years and beyond.
“It also highlighted the skills, creativity and world-class innovation that define modern Wales.”
Kazushi Ambe, Senior Adviser of Sony Group, echoed the importance of the relationship:
“The partnership between Wales and Japan, built over more than half a century, reflects deep mutual respect, shared values, and a strong sense of connection.
“In a time of constant change, it is these enduring qualities that continue to unite us. This showcase was a valuable opportunity to strengthen that bond and explore new avenues for collaboration.
“As both sides embrace new challenges and pursue progress, I hope this partnership will continue to evolve and thrive.”
As part of her visit to Japan, the Cabinet Secretary will also host a Wales Day event at the Osaka Expo, promoting Welsh innovation, culture, and trade potential on the global stage.
In addition, the Welsh Government has announced two upcoming trade missions to Japan later this year, aimed at helping Welsh businesses explore export opportunities in one of Asia’s most significant markets.
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Gareth Evans
April 25, 2014 at 6:07 pm
Disgraceful, both should hang your heads in shame and leave Pembrokeshire for good.
malclom cummings
April 26, 2014 at 10:07 am
Crooks the pair of them. Shamefull what they have done .Makes you think have they been at it elsewhere in their work as IFAS.
ronnie briggs
May 27, 2014 at 7:28 pm
if they had a brain between them may be they would have known they could not get away with what they were up too. door to door salesmen or tesco shelf stacker who would trust someone like that again hopefully they will look into there all so called business dealings