1 Stop Financial Services
Under investigation 14 July 2014
You might be eligible for compensation
Fast Pensions Ltd (see 25 Jun 2019 update) and five other related companies were wound up at the High Court on 30 May 2018.
In July 2018 Dalriada Trustees Ltd was formally appointed by the Pensions Regulator to act as an independent trustee to 15 pension schemes linked to Fast Pensions Ltd.
FSCS understands that a number of consumers received advice from both FCA authorised and unauthorised financial advisers to transfer their existing pension arrangements into one of 15 schemes linked to Fast Pensions.
Some consumers received cold calls offering free pension reviews, while others were told that they could get a loan if they transferred their pension savings to one of the Fast Pensions' schemes. In some cases pension money was invested into high risk investments, some of which have become illiquid.
19 Aug, 2019
To consider claims against a failed firm, FSCS must be satisfied that customers have first exhausted any right to claim against any connected firms that are still trading. Fast Pensions Limited itself was not a Financial Conduct Authority (FCA)/Prudential Regulation Authority (PRA)-regulated firm, but FSCS understands that a number of FCA-authorised advisers may have recommended transfers of existing pensions or investments to Fast Pensions Limited.
If you believe you were mis-advised by an FCA-authorised adviser that’s still trading to transfer your existing pension or to invest through Fast Pensions Limited, you need to complain to them first. If your adviser rejects your complaint, you can take your complaint to the Financial Ombudsman Service (FOS).
If you believe you were mis-advised by an FCA-authorised adviser that’s no longer trading to transfer your existing pension into or invest through Fast Pensions Limited, you should submit a claim to FSCS against your financial adviser.
If you didn’t deal with an FCA-authorised adviser when moving an occupational pension to Fast Pensions Limited, FSCS is unlikely to be able to compensate you for any losses you’ve incurred. This is because there is unlikely to be a FCA/PRA-regulated firm to make a claim against. In this scenario, you may be able to make a claim directly to your previous pension provider in relation to the checks they carried out when transferring your pension to the firm.
FSCS is accepting claims involving the firm, but any claims received will not immediately be passed to our claims processing teams for assessment. Firstly, FSCS needs to establish whether there are protected claims involving Fast Pensions Limited. For this to happen FSCS needs to know that independent financial advisers (IFAs) owe a civil liability to customers in respect of transfers to Fast Pensions Limited. FSCS has been in contact with Cheshire Police to obtain further information to help with our investigation into the practices of Fast Pensions Limited and associated IFAs. We are specifically trying to establish how investors became aware of Fast Pensions Limited and how customers’ money was invested.
25 Jun, 2019
FSCS is accepting claims against failed FCA authorised financial advisers, including 1 Stop Financial Services, who gave advice to customers to transfer their pensions into one of the 15 schemes linked to Fast Pensions.
However, claims have not yet been passed to our claims teams for assessment. Firstly we need to establish whether there are protected claims against these financial advisers. For this to happen we need to know that the financial advisers who gave the advice owe a civil liability to customers that would enable them to be sued in court.
FSCS has been working with the independent trustee, Dalriada, and other parties in order to obtain firm records and other documentation that will help us to reach a view on whether there are protected claims.