A firm run by a former financial adviser is the subject of a Panorama investigation into free pension reviews and Cape Verde investments.
The BBC programme, which aired last night, investigated the Resort Group, run by chief executive Robert Jarrett – who previously worked at Prudential.
It sent an undercover reporter to a call centre in Derby, operated by Lifestyle Connections, offering free pension reviews from First Review Pension Services.
Both are owned by the Resort Group.
The reporter, who poses as a prospective employee, is told to lie to people with the aim of getting “everyone to invest in Cape Verde”.
Call centre staff use the new pension freedoms as a hook to speak to potential investors.
The Resort Group told the BBC both First Review and Lifestyle Connections had stopped taking new business on 30 June.
The Pension Advisory Service says: “You should be very wary of anybody who approaches you regarding a free pension review because at the end of the day they’re there to make money and you need to be really clear before you accept any offer from them.”
A spokesperson says: “We are grateful to Panorama” and “are investigating as a matter of urgency. All investments with the Resort Group PLC are safe and all our investors have received all payments due.”
According to the BBC, pension transfers into the Resort Group must be overseen by a financial adviser.