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In the world of pensions and retirement planning, trust is paramount. Individuals like you, work tirelessly to secure their financial future, often placing their hard-earned money into pension schemes with the hope of a comfortable retirement. Unfortunately, not all investment providers operate with integrity, and one such case that has come to light is Fast Pensions Ltd, the pension trustee and administrator.
In this article, we will explore the details surrounding Fast Pensions Ltd, the pension schemes involved, and how CP Financial Claims is poised to provide assistance to those who may have been affected by this unfortunate situation.
Douglas Baillie was the investment provider that has garnered significant attention due to its involvement in this pension scandal.
The Fast Pensions Ltd failures involves multiple pension schemes, each with its own set of members and promises. Here are the names of the Fast Pensions Schemes implicated in this controversy:
Fast Pensions Ltd was incorporated on June 28, 2012, with its registered office situated in Southampton. It initially presented itself as a promising avenue for pension investments, but as events unfolded, it became apparent that not everything was as it seemed.
To understand the depth of the Fast Pensions Ltd liabilities, it's essential to take note of key milestones and legal actions:
On February 6 2020, Simon Campbell and Andrew Watling, representing Quantuma Advisory Limited, assumed the role of Joint Liquidators of Fast Pensions Limited.
The Fast Pensions Ltd fallout is not limited to the company itself. In fact, it extends to five other related firms that were wound up in the public interest at the High Court on May 30, 2018. The Official Receiver in the Public Interest Unit (North) now acts as the liquidator for these six companies.
Between the years 2012 and 2013, Fast Pensions Ltd encouraged more than 520 individuals to transfer their pension savings from existing providers into any of the 15 schemes it sponsored. The promise of better returns and secure retirement seemed enticing, but the reality was far from it.
It's crucial to understand the role of FP Scheme Trustees Ltd (FPST) in this saga. FPST served as the trustee for the 15 pension schemes. Some of the funds from these schemes found their way into the remaining four related finance companies, adding another layer of complexity to this failure.
Complaints about the management and operation of these companies eventually reached the Insolvency Service. The High Court ordered the provisional liquidation of Fast Pensions Ltd and the five related companies in March 2018, following an extensive investigation. This legal action was initiated after a petition presented by the Secretary of State.
The Fast Pensions Ltd investigations uncovered a substantial sum of no less than £21 million poured into the 15 schemes. People were enticed to move their diligently accumulated savings through a variety of methods, including unsolicited phone calls that raised doubts about their current pension fund performance and proposed complimentary pension evaluations.
Advisors associated with these schemes failed to disclose vital information regarding the high-risk and illiquid nature of the investments. Members were left in the dark about the actual benefits they were entitled to receive. Although they were promised diversified portfolios, the reality was far different.
Roughly £4 million was allocated for commission payments, while the remaining resources were predominantly channeled into granting loans to companies and entities that appeared to have affiliations with Fast Pensions and FPST.
One of the most distressing aspects of this scandal is the lack of accountability and transparency. The six companies involved failed to preserve, maintain, or produce adequate accounting records. Furthermore, they declined to provide complete cooperation during the investigation, rendering it nearly impossible for investigators to ascertain the complete scope of their actions, the characteristics and worth of the investments undertaken, or the accurate value of the pension funds belonging to members.
David Hope, Chief Investigator for the Insolvency Service, had this to say about the Fast Pensions Ltd issue: "People work long and hard to put money away for their retirements, but the six companies that have been shut down paid scant regard to their members. They used unsavoury tactics to attract members and failed to paint the full picture as to what would really happen with their savings. By shutting the companies down, the courts have put a stop to their unscrupulous activities, and we hope this sends a strong message that we will robustly investigate and take action where people's funds and savings are at risk."
As we discussed earlier, Fast Pensions Ltd, with Company Registration Number (CRO) 08121954, was incorporated on June 28, 2012, and its registered office was situated at Crown House, 27 Old Gloucester Street, London WC1N.
Additionally, here are the details of the related companies:
The Fast Pensions Ltd fallout has left countless individuals who entrusted their pension pots in turmoil. Their life savings, often representing years of hard work, were put at risk due to deceptive practices and financial misconduct.
Fast Pensions Ltd convinced more than 500 people to invest, but the expectations of high returns promised by these schemes were never met. Many individuals realised they had been duped when it was already too late.
Following an extensive investigation by the Insolvency Service, Fast Pensions Ltd was placed into liquidation as a result of a High Court order. However, the aftermath of this has left individuals involved grappling with the consequences of their financial losses.
In the face of such adversity, CP Financial Claims stands as a beacon of hope for those affected by the Fast Pensions Ltd scandal. We understand the gravity of the situation and the financial distress it has caused many individuals and families. Our team of dedicated experts specialises in handling mis-sold pension claims, and we have a proven track record of securing justice for our clients.
If you recognise any of the schemes mentioned please submit your details below for a free, no-obligation chat.
You are not obliged to use our service. It is possible for you to present your claim for free, either to the firm, or person against whom you wish to complain, or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.
