View more on these topics

Two IFAs jailed for pension fraud

Two Midlands IFAs have been jailed for a total of five-and-a-half years after defrauding the Inland Revenue in a £4m pension liberation scam.

Stephen Russell, 60, and William Ferguson, 56, were found guilty at Oxford Crown Court of cheating the public revenue of £1m after transferring the occupational scheme rights of around 200 people into bogus pension schemes.

Russell and Ferguson deceived schemes into transferring pension benefits into a network of dormant companies with Pension Schemes Office approval. The two men provided false employment details on behalf of their clients to make the transfers into their fake schemes.

Russell, of Chapel Lane, Little Bourton, Banbury, was sentenced to four years in pri-son for the Revenue charges. He also received 20 months, to run concurrently, for offences under the Pensions Act 1995, including acting as a trustee when disqualified.

Ferguson, of Lillington Avenue, Leamington Spa, received an 18-month prison sentence for Revenue charges and eight months to run concurrently for two charges under the Pensions Act, including acting as a trustee while disqualified.


Can I have a word? Get it sorted…

Abbey National may have the smooth, suave housewives&#39 favourite Martin Kemp as the corporate image to get it out of its current hole, but if IFA portal Webline wants to continue the ex-Eastenders theme they need not look too far afield.While simmering hard man Grant Mitchell, aka Ross Kemp, himself might be a touch expensive, […]

Twenty firms declared in default

The Financial Services Compensation Scheme has declared 20 IFA firms in default and is urging consumers who feel they are due redress to make a claim. Full details of the firms and how to make a compensation claim are on the FSCS&#39s website.

Inside Edge

Dear Mrs Brown, I thought now would be a good time to write to you as we have only a few weeks left of the 2002/03 tax year to decide what to do with your and your husband&#39s £7,000 Isa allowances.As you know, in previous years, I have consistently recommended that we should always be […]

MLP fined £100k for pension and endowment sales failings

German IFA giant MLP&#39s foray into the UK market suffered a setback last week when its London subsidiary was fined £100,000 for regulatory failings.The FSA slapped the fine on MLP Private Finance, citing weaknesses in the training, monitoring and supervision of its investment staff which led to inappropriate sales of mortgage endowments and pensions between […]

Graphic Content – August

Given the release of employment data from the US on 5 August, we wanted to focus on employment data in this month’s Graphic Content. The Graphic Content below shows us that young and middle-aged workers were hit the hardest by the Great Recession and have never caught up. Since the job market started to recover […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm