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Trustee brought in to oversee defunct pension firm’s schemes

The Pensions Regulator has appointed an independent trustee for the 15 schemes linked to the now shuttered Fast Pensions.

Fast Pensions and five connected companies were wound up at the High Court in May.

According to an Insolvency Service statement, it is estimated around 520 people were persuaded to transfer a total of at least £21m of their pension savings into one of the 15 schemes.

Earlier this month, Dalriada Trustees was appointed as an independent trustee and will work the Insolvency Service on its investigation.

Investors were persuaded to transfer their pensions through various methods, including cold-calls that offered free reviews or questioned the performance of their funds.

Others, who were originally looking for credit, were advised by the companies connected to Fast Pensions that they could get a loan if they transferred their pension to one of Fast Pensions’ schemes.

However, the Insolvency Service says investors were not told information about returns or the high-risk and illiquid nature of the investments.

Investigators found that at least £4m was used to pay commissions and the remaining money was mostly used to make loans to companies that were connected with Fast Pensions.

The six companies liquidated were: Fast Pensions, FP Scheme Trustees, Blu Debt Management, Blu Financial Services, Blu Personal Finance, and Umbrella Loans.



FCA turns focus to intergenerational retirement issues

The FCA has reiterated its stance on ensuring the next generation of consumers will have the best outcomes possible in retirement. In a speech to the Pensions Policy Institute, FCA strategy and competition executive director strategy Christopher Woolard says the “package of remedies” to help improve consumer engagement, promote competition and protect consumers will be […]

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Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


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