A master class in fractional scamming


It’s childsplay


Scamming has grown up; long gone the daylight robbery , fading into the distance “pension liberation”. Today’s scammer plays pass the parcel with your money, skimming off a slice of your savings – every turn. It’s called fractional scamming , it’s alive and well and the scammers are after your money.

Here’s how the FCA compare the pre and post adviser remuneration model (oops- I meant the “value chain”). Pre RDR it was called commission, post RDR it’s called “marketing fees”.

value chain

FCA – “non workplace pension review”


Fractional scamming works by sending money from one of those boxes on the bottom row to another, so that everyone gets a slice of the action.

fraction 2

So it’s all about distribution!

If you want to view the lesser-spotted overseas pensions introducer organising distribution, here’s John Ferguson

And here’s how he makes his money.  courtesy of Angie Brooks and Pension Lite  

I’ve been racking my brains…

I’ve been trying to remind myself of a UK investment structure that linked unauthorised introducers to authorised IFAS who worked with Pension Trustees to transfer money into overseas funds, but I just can’t remember the instance.

Somehow, Port Talbot, Dublin and Orpington came into the conversation. Hardly Dubai or Hong Kong…..

and then I saw this tweet and it got this horrible sense of deja vue

If I’d mate it all up- so had this guy!  Just like this Pension Scam Survivor, just like Angie Brooks.

I must have made it all up as I have a 12 Page letter from B**t Wils@n LLP (marked not for publication) telling me I had.

I’ve been racking my brains trying to remember what happened and now I realise it didn’t happen at all. And the You and Yours investigation that revealed all this is happening to the Pension Scam Survivor and the others, that was making it up too!

So was Bond Investor, whose beautifully written blog on Blackmore;  that  must be pure fantasy too!

We know that we must be liars, because all these guys’ solicitors tell us we are, and because John (Gus) Ferguson and David Vilka and Patrick McCreesh and Philip Nunn are still sunning themselves in Dubai, or Hong Kong or Spain .

And if we weren’t liars and these guys really did do the things that the BBC say they did, they surely would be under arrest – which they aren’t.


We get the financial services we deserve.

If we think it is ok that fractional scammers can carry on taking the p*** with our money, we can allow these guys to carry on – we can send them our money – we can indulge them their lavish lifestyles.

But if we think we deserve better, we ought to join with Angie Brooks and with all the good guys like Stephen Sefton, who are strong enough and admit to being a Pension Scam Survivor.

Because all the lawyers in London, cannot defend the venal behaviour that is going on today – and under our very noses.


About henry tapper

Founder of the Pension PlayPen,, partner of Stella, father of Olly . I am the Pension Plowman
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7 Responses to A master class in fractional scamming

  1. Peter Tompkins says:

    Well done on the way you presented this. It feels like form over substance. What ultimately should matter is the destination of the invested funds and their suitability plus the one off and annual charges involved and whether they are in cash terms a reasonable figure for the investment advice that has been taken.

  2. henry tapper says:

    Thanks Peter, as you may have guessed, I am under several restraining orders at present. It is good to see the FCA today reporting that PI cover for DB transfers is shooting up and that many PI insurers are refusing to renew cover altogether to some firms. In the absence of decisive action from regulators, the insurers are our next best hope!

    • alan chaplin says:

      Yes and no… I doubt scammers are concerned by the fact they can’t get insurance for dodgy advice

  3. B Codrington says:

    Why is it so hard for Investigators (regulators) to “follow the money” trail and find out who financially benefits from these scams. The amount of KYC, DD etc I have to go through to open a Bank account or be an authorised signatory is extraordinary. The banks are either incompetent or in collusion. Surely HMRC would like its %age in tax on all these hidden payments?

  4. Please listen to this BBC Radio 4 Programme, You and Yours, where Angie Brooks is exposed. It starts at 19 minutes and is very disturbing https://www.bbc.co.uk/sounds/play/m000gbhy

    • henry tapper says:

      Thanks Daniel, yes I heard the You and Yours and yes I know Angie and have supported her work over the years. I continue to see her as a force for good but she needs to make more progress on some fronts .

  5. Pingback: Hidden dangers of charges that ruin your pension investments - My Wordpress

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