‘Predators stalk your pension': regulator plans to tackle liberation schemes

So let’s start with this one and then look at companies valuing websites at ridiculous amounts so as to release the pension to the "employer". All for a small charge of 10% of the funds!

Then transfer into a SIPP and personally receive the 8.5% income produced by the SIPP the next year!

And yes been reported but nothing happened so it is good to see something is happening on this reported activity.

Not hard to police just google 'release your pension' and target the websites advertising such for starters. See how many are bona fide advice schemes and how many are simple get rich quick schemes.

Well, it's only taken just over a year to start to take action on this illegal activity. When the poor shmucks who have effectively taken an unauthorised payment, owe HMRC 55% in tax of a lump sum they have spent and whine that they were "mis-sold", who will pick up the bill?

Answers on a postcard please to "Poor Mr Honest IFA, here's another bill for our cock up" Yours, FSCS.

Yet to come across an HONEST IFA, its these honest IFA's who are introducing the not so profitable clients through the backdoor to top up their income post RDR on pension pots they always ignored as they were not £80k plus.. Honest IFA right...

At last someone taking an interest, been reporting them long enough. Guess the hotels round here will have a few booking cancellations to contend with, poor Midland Hotel Manchester! Or do you think the organisers of these scams will take any notice of what regulators say? So only asset trusts, remuneration trusts, UCIS seminars to go then? Anyone looking at these?

@Greg, if you could re-arrange that gabble into English then I will reply properly. You obviously only mix with your own kind then?

Greg Pitman.......have you thought of applying for a job with the FSA as that attitude of yours would fit right in with all of your future colleagues.

Be honest - you already work there dont you.

Greg = Sad, bitter moron.

The world is full of these types. I know a "Greg" and he bought a pension annuity online because he wouldn't take mine or anyone else's advice "as we are all crooks". He took great pleasure in declaring that all IFA's are crooks and he wasn't paying me to rip him off. So he went to get his advice from "Greg Mark II" in the pub.

He died 18 months after taking the annuity and didn't even include a spouses pension or guaranteed period.

Should we feel sorry for these people who have such a low opinion of us and publicly slate us or should we just laugh when stuff like this happens. I am getting sick of felling sorry for them to be honest.

Greg knob

Does the article mean the FSA are going to finally go and stop these things, or just warn against them??

p.s. I find the comments from both Greggs quite amusing. (Honestly!)

Good news for the Gregs they can now marry but hopefully not breed

Grow up you born again plonkers

Good news for the Gregs they can now marry but hopefully not breed

Grow up you born again plonkers

That picture remindes me..............................I must call the M-i-L.

Whilst I don't agree with any schemes that break the law, perhaps the powers that be might care to consider just why so many people are keen to do things with their pension funds something other than lock 75% of them into a crappy annuity.

But they aren't doing these things as alternatives to annuities from 55 onwards, these are people in debt who will gladly sacrifice 50% to the crooks who run these schemes.This has nothing to do do with the "annuity trap". When they get to proper retirement they will then be a further burden on the state whilst the schemes' promoters are sunning themselves in Marbella.

@ Dominic

Vote UKIP and that will kick the other political morons one hopes. If it does not then at least you may feel better!

@ Arthur

Nothing good on tele last night?

@ Arthur - That was incredibly homophobic for a public board.

I agree with Julian - this activity should highlight to the government the sheer desperation of many pension savers in the UK.

Let be honest Gregg is an idiot. I must admit tho about 98% of IFA's i know are a bit dodge. Doesn't mean they're bad IFS's just willing to bend the rules. The other 2% of straight IFA's i know are a complete pains in the a**e. Give me a IFA thats a bit iffy any day.

it's not just advisers who have been swept up in this but solicitors too, all for the sake of some business irrespective of whether it is/was right for the individual.