Based in Dyfed, 1 Stop Financial Services has since ceased trading amid massive allegations of mis-selling and financial mis-conduct.
So much so that directors Andrew Rees and Timothy Hughes were both fined thousands of pounds and the company we de-authorised by the FCA in April 2014, banned from restarting the business.
1 Stop became infamous for mis-sold SIPPs following a spree between Oct 2010 and November 2012 where it gave advice to over 2000 individuals leading to SIPP investments and transfers totalling over £122m.
As a damning article in the Professional Advisor says, these individuals were regularly not checked for suitability, the investments were often not regulated and the company failed to declare a conflict of interest to clients, taking a fee from the introducer firm too.
If you dealt with 1 Stop over your pension transfer or SIPP investments, it may be time to get on the phone to Get Claims Advice to see if you can make a mis-sold pension claim.Get started now
All pension investments carry risk, but some are HIGH RISK investments.
These investments often offer higher returns to help grow a pension pot faster (something advisers and pension introducers are keen to stress), but they also come with more risk (something some advisers neglect to mention or play-down).
This might be fine for people who can afford to take on that sort of risk, either because they are earning plenty of money or understand those risks.
But for an average pension investor, they may be unsuitable and could devastate their retirement prospects.
1 Stop Financial Services widely mis-sold a number of these high-risk investments through SIPP pensions, were caught out for it, and are no-longer trading.
Can you make a claim for a mis-sold SIPP pension?
Several financial advisers and the FSCS have been paying out compensation for the mis-selling of investments via SIPPs and SSASs for a few years, with Get Claims Advice often leading the claim.
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.Speak with an expert
On 17 April 2014, the FCA announced that 1Stop was no-longer authorised to conduct regulated financial activities, and 2 partners at the firm had been banned from having ANY significant influence over regulated companies. They were fined a total of £490,100.
In 2019 the legacy one 1 Stop Financial Services’ pension advice lives on. Many investments they recommended have since collapsed or got into difficulty, and £millions have been made in claims against the firm via the FSCS, many of them spearheaded by the team at Get Claims Advice.
Click the button below to see an example of a Get Claims Advice claim that won compensation for a 1 Stop client – one of many!See example claim