From ‘Business News Wales’:

 

It is estimated that more than 1.3 million people have been targeted by unscrupulous regulated and unregulated financial advisors who have pedalled bad advice. These unscrupulous advisors have persuaded many people to transfer their existing private pensions or extremely valuable defined benefit pensions, to open a SIPP (Self Invested Personal Plan) and to “invest” in unregulated, high risk and illiquid “investments”. Many people have lost most, if not all, of their pensions which they have been paying into all of their working lives. In some cases, people have transferred pension pots of £500,000 or more into worthless “investments” sold to them by dodgy or incompetent financial advisors who were not authorised or regulated by the Financial Conduct Authority (FCA).

 

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