first review pensions services

muggleian

Can anyone tell me about this company as I was under the impression that it was a company calling it self "comparethepension.com" can they be trusted to undertake a pension review for me or am I now in a bit of trouble Help would be appreciated as I have a letter from one of my pension plans with a warning letter enclosed:(

Drp8713

Thankfully your pension provider is on the ball then. They are unregulated so are not qualified to review anything. You might aswell ask the postman for a review. Go and get a regulated IFA if you want advice. www.unbiased.co.uk


The other company tend to get people to invest in overseas property which is obviously very risky http://www.ftadviser.com/2013/04/17/ifa-industry/your-business/warning-on-using-overseas-property-for-pension-funds-WzWPruWODkPjGztsK7Lt5L/article.html

jamesd

In addition, please immediately contact your other pension firms and tell them that a fraudster may have your details including a copy of your signature and that they should contact you directly by phone or post at the details they already hold for you before acting on any instructions that appear to come from you.

Also, if you provided bank account, credit card or debit card details for anything from fees to "money laundering checks" contact the providers of those services to let them know that they are known to a firm that might act fraudulently and that they should either issue new cards or be particularly aware of the potential for fraudulent transactions, contacting you directly instead of relying on written instructions that might use a forged copy signature.

darkcrusader

As per the article which Drp8713 mentions, "His warning came as one adviser, who did not want to be named, said his client had corresponded with an unregulated introducer, Derby-based First Review Pension Services, about the possibility of using her occupational pension scheme to invest in the Llana Beach Hotel in Cape Verde."

Investing your hard-earned pension funds (or other funds for that matter!) in unregulated investment schemes is not good idea. Although I haven't come across this particular property scheme before, there are a number of schemes based in Cape Verde that are known to have either failed or been scams from the outset. A cold-calling, unregulated company advising someone to invest in something like this screams of a sham.

Interestingly, there's another post on MSE about the same company who advised someone to transfer their £74,000 of pension savings from a railway pension to a SIPP so that they could invest in the same property scheme - again, clearly NOT a good idea!

dunstonh

As per the article which Drp8713 mentions, "His warning came as one adviser, who did not want to be named, said his client had corresponded with an unregulated introducer, Derby-based First Review Pension Services, about the possibility of using her occupational pension scheme to invest in the Llana Beach Hotel in Cape Verde."

A bit of info not posted on that thread is that all the companies involved in the process apart from the IFA company they use to obtain the pension details are based on the same industrial park in Derby.

First pension review (Pride Park, Derby)
DLW (pride park, derby)
The Resort group (pride park derby)

The person that calls to your house will lie to you and present information. Such as showing you the pension example illustration and using the lowest rate to tell you that your pension is losing money (an illustration with a negative low return is an example and not what is actually happening).

I cant give much information but I have a lot more. However, consider them a scam company. Avoid at all costs.

Ian011

This company is the subject of a Panorama investigation shown on BBC1 on 11 July 2016.

dunstonh

I will look forward to that. I did get a follow up from the FCA for more information but never heard anything after that. However, 2 years after my report this company are still going. If the FCA put as much effort into dealing with scam companies as they did looking at things that are not considered to be issues, these companies wouldnt last two minutes.