Andrew Rees and Timothy Hughes, partners at 1 Stop Financial Services, in Haverfordwest, have been banned by the Financial Conduct Authority from significant influence in any regulated activity
Partners in a UK-based financial services firm have been banned by the FCA after failures to consider the suitability of overseas property and other products for investment in customer SIPPs.
Andrew Rees and Timothy Hughes, partners at 1 Stop Financial Services (1 Stop), have been banned by the Financial Conduct Authority (FCA) from significant influence in any regulated activity.
Mr Rees and Mr Hughes had advised customers to switch into self-invested personal pensions (SIPPs), enabling customers to invest in unregulated and often high risk products, regardless of whether they were suitbale. 1 Stop has now ceased trading and has applied to cancel its FCA permissions.
Between October 2010 and November 2012, Mr Rees and Mr Hughes’ firm advised nearly 2,000 customers on switching their existing pensions, valued at more than £112million, into SIPPs. 1 Stop’s customers used the SIPPs to invest in products such as overseas property and diamonds, which were typically not permitted by the customers’ existing schemes.
The two men would have been fined a total of £490,100 but they have instead agreed to pay …read more