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Fast Pensions

Did Fast Pensions review your pension?

The now-defunct Fast Pensions Ltd was shut down by the High Court in 2018, along with five other connected companies, for the central part it played in a £21 million UK-wide pension scam.

Victims targetted by cold callers

Operating in a similar manner to other unregulated third party introducers like Hennessy Jones, sales agents from Fast Pensions targeted potential victims via cold calls and other forms of unsolicited contact offering a free pension review.

Those who took up this offer were advised their pension pots were inadequate to cover their full retirement, despite little evidence of any pension reviews ever taking place. The cold callers were unqualified and unauthorised to give pension advice and were often-times just reading from a script. 

Their job was to put their targets in a vulnerable position and pass them on to pension advice firms who would encourage them to transfer their pensions to Self-Invested Personal Pensions (SIPPs) and invest their funds into unregulated schemes connected with Fast Pensions.

This was done on the guarantee of low-risk and returns far greater than the victims were seeing with their current “underperforming” pension arrangements. The investments recommended were typically into non-standard assets like green energy, hotel developments and storage pods, to name but a few.

Risky investments pushed for personal gain

In truth, these investments were extremely high risk and many later became illiquid. They should never have been endorsed by either Fast Pensions or the firms they passed business too. Unfortunately, those involved in the scam were too concerned with growing their personal wealth through generous commissions to give much thought to the best interests of their customers.

Between 2012 and 2013, Fast Pensions persuaded 520 individuals to transfer their pensions and invest a collective total of £21 million into highly unsuitable schemes. Much of this money is now lost and the Financial Services Compensation Scheme has announced it is accepting claims against 1 Stop Financial Services and Douglas Baillie Ltd who recommended investment schemes linked to Fast Pensions.

If you accepted a free pension review from Fast Pensions or a similar firm that resulted in a pension transfer and perhaps a loss of money, the team at Beat the Banks would like to hear from you.

Our expert advisors can assess your case and help you seek the justice you deserve, call us on 0800 193 1234 for a free, no-obligation chat.

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