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29 April 2019 | Comment | Article by Neil Stockdale

Pension Scam warning from Insolvency Service

The Insolvency Service has issued a new warning in respect of pension misuse.

The new warning comes following 24 applications to wind-up companies by the Insolvency Service since 2015; companies that were responsible for persuading consumers to transfer their pensions into unregulated schemes and scams resulting in combined losses of a staggering £202 Million.

Fast Pensions

Fast Pensions was wound-up in 2018 along with five other connected companies including FP Scheme Trustees.[1]

It is reported that between 2012 and 2015, 520 people transferred their pension into 15 schemes where FP Scheme Trustees acted as the ‘sponsoring employer’.

An estimated £21 Million was transferred from pensions and savings into these schemes.

It is believed £4 Million was used solely to fund commissions and that the majority of invested funds were loaned to Fast Pensions and its associated companies.

What were the warning signs for the victims of this scam?

  • They were provided with various incentives.
  • They were cold-called.
  • They were offered free pension reviews.

The Official Receiver remains the interim trustee of the scheme however an application to appoint an Independent Trustee has been made to The Pensions Regulator. We understand that Fast Pensions and its connected companies have failed to provide full disclosure to aid the ongoing investigations.

If you transferred your pension into a Fast Pensions scheme or any similar scheme, please contact the Hugh James Financial Mis-selling team who may be able to help you recover your money.

[1] Fast Pension connected companies

Fast Pensions Ltd

FP Scheme Trustees Ltd

Blu Debt Management Ltd

Blu Financial Services Ltd

Disclaimer: The information on the Hugh James website is for general information only and reflects the position at the date of publication. It does not constitute legal advice and should not be treated as such. If you would like to ensure the commentary reflects current legislation, case law or best practice, please contact the blog author.

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