Regulation  

Troubled £21m pension firms wound up in High Court

Darren Cooke, chartered financial planner at Red Circle Financial Planning, said: "Sadly this is no surprise.

"Fast pension seems to have been an out and out scam from the start with many of the victims now also being pursued by HMRC for pension liberation when they thought they were taking a loan separate from their pension, even through a different company.

"This is a classic case of why we fought for the cold calling ban. It won't prevent all scams but it would have helped many of the victims in this case."

The 15 pension schemes involved are:

Broughton Retirement Plan
DM1 Retirement Plan
Elphinstone Retirement Plan
EP1 Retirement Plan
Fleming Retirement Plan
FP1 Retirement Plan
FP2 Retirement Plan
FP3 Retirement Plan
Galileo Retirement Plan
Golden Arrow Retirement Plan
Leafield Retirement Plan
Springdale Retirement Plan
Talisman Retirement Plan
Templar Retirement Plan
VRSEB Retirement Plan

carmen.reichman@ft.com