1 Stop Financial Services

Status:

No Longer Authorised

Reports:

FCA bans partners of firm that failed to consider customer SIPP suitability

About:

1 Stop Financial Services was trading for around 10 years from 2004, until their authorisation to provide financial services was revoked by the Financial Conduct Authority in 2014. 1 Stop Financial Services traded from 20 High Street, Haverfordwest, SA61 2DA and its partners were Timothy Adrian Hughes and Andrew Charles Rees, who both appear to have also been directors of Exclusive Global Investments Ltd (Dissolved) and Total Lead Management Ltd (Dissolved).

1 Stop Financial Services advised thousands of customers to switch their existing pensions into Self-Invested Personal Pensions (SIPPS), the total value of this advice amounting to approximately £112million of savings. The advice provided by 1 Stop Financial Services was that savers should invest their planned retirement money into unregulated products and schemes such as diamonds and overseas property, perhaps most notably into an overseas property scheme called Harlequin, whose chairman was charged with three counts of fraud by the Serious Fraud Office in February 2017. Approximately £50million was invested in Harlequin after 1 Stop Financial Services advised its clients to do so.

An investigation by the Financial Conduct Authority found that 1 Stop Financial Services did not take into account the suitability of their advice as it related to clients’ circumstances, failed to disclose conflicts of interests, and failed to ensure compliance with the regulations of the Financial Conduct Authority.

Mr Rees and Mr Hughes were fined a total of £490,100 but agreed to pay their fine directly to the Financial Services Compensation Scheme instead.

 

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