Here’s the intel on Fast Pensions, let’s hope that we have a rather speedier resolution than with “sister” scams!
Fast Pensions to be wound up
Yesterday, Wednesday 30th May, in the High Court, the petition to wind up Fast Pensions and the associated companies and occupational pension schemes, was heard. The order was made that the companies and schemes should be wound up.
Michael Gibbon, the son of one of the Fast Pensions members, attended the hearing , representing Pension Life and the 400 victims. Michael has been enormously supportive of Angie Brooks’ work behind the scenes – although this has clearly been hindered by the obfuscation of the Moats.
Michael has summarised the details of the proceedings – and Angie has added some further information and thoughts.
Angie will now be asking all the Fast Pensions members to provide their documentation to her Assistant Caron Pellatt who will be collating as much evidence as possible for the Insolvency Service, insolvency practitioner and/or independent trustees.
The dirty (half) dozen
The six companies originally placed into provisional liquidation by the Insolvency Service on 29th March 2018 were:
- Fast Pensions Ltd – company registration number 08121954 – was incorporated on 28 June 2012. The company’s registered office is at Crown House, 27 Old Gloucester Street, London WC1N 3AX
- FP Scheme Trustees Ltd – company registration number 09126225 – was incorporated on 11 July 2014. The company’s registered office is at 20-22 Wenlock Road, London N1 7GU
- Blu Debt Management Ltd – company registration number 06699233 – was incorporated on 16 September 2008. The company’s registered office is at Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ
- Blu Financial Services Ltd – company registration number 05912973 – was incorporated on 22 August 2006. The company’s registered office is at Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ
- Blu Personal Finance Ltd – company registration number 07758290 – was incorporated on 31 August 2011. The company’s registered office is at Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ
- Umbrella Loans Ltd – company registration number 07331044 – was incorporated on 30 July 2010. The company’s registered office is at Gilbert Wakefield House, 67 Bewsey Street, Warrington WA2 7JQ
The fifteen occupational schemes run by Peter and Sarah Moat were:
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
* No one was present to represent any of the named companies or schemes.
* In attendance for the Insolvency Service were Mary Greenwell, and colleague, Tim Ward, Provisional liquidator
* A Mr Chapman did apply for administration before the last hearing but this was rejected.
* Peter Moat was acting as a de facto director in breach of his disqualification while acting for Blu Finance Group https://beta.companieshouse.gov.uk/disqualified-officers/natural/Jio5fN_IATd04am7Q9oC3ptaAnM
* A connected party to the companies was Miss Jane Wright who is a former employee of Peter Moat
* Mrs Sara Moat/Mr Peter Moat and Miss Jane Wright had an unhealthy connection as they were all in a net of other associated companies. Mr. Chapman is instructed by Peter Moat.
* The companies were operating pension liberation in the form of loans – resulting in tax demands for unauthorised payments
* There were unacceptable sales techniques by the six principals of the schemes
* There was no information on the pension portfolios and what happened the investors’ funds
* No updates on the funds, commissions or fees
* An upfront fee of £1,000 was taken from each investor at the start of the investment of the funds – and this was undisclosed to the members
* A total of £21m was transferred into the schemes under Peter Moat’s control
* There was a Lack of information and cooperation with the Insolvency Service investigation
* On reporting on schemes, there was simply one page per scheme which was very concerning
* No information re bank balances
* Lack of transparency to ALL involved – members/Insolvency Service/Pensions Ombudsman/Pension Life
* Very unclear on the advice provided to investors
* No professional advisers were involved
* Commission on the investments were not disclosed – no transparency
* No commercial prosperity
* All companies involved were controlled by Peter Moat ( acting under disqualification) using other people
* Mr Henderson – accountant to ALL schemes was also a disqualified director
* Failure to respond to determinations by the Pensions Ombudsman and/ no evidence of compensation paid to members
* Evidence of the lack of proper transfer requests
* The six selling points used to sell the schemes proved to be false
* All the funds will need to be traced as it is unclear what monies are outstanding
* Very limited information provided by the companies
* The whereabouts of the funds presently is unclear – some of it was invested in Umbrella Loans which was insolvent
* Funds were transferred to and through other companies controlled by Peter Moat – including the Blu companies
* Miss Jane Wright (the “trustee”) would always state she would seek and come back when questioned by the members
* The skeleton argument showed a flowchart which demonstrated the net of the Moats
* Pension funds were transferred to the Blu companies and Umbrella Loans
* Clear evidence of mis-selling
* Huge amount of funds which will be practically impossible to track or find
* Failure to assist in the investments
* £4m paid in commission which obviously came from investors’ funds
* Based on the evidence, it was in the public interest to wind the companies and schemes up as it was a very clear case that these people could not be allowed to continue
* With the evidence she had before her, the order was MADE.