The crowd who assembled for the Landmark Parliamentary Summit of the Investment Fraud Committee of this parliament was substantial, the room was packed to hear great speakers commencing with Andy Agethangelou but for the most part victims.

They included Brian Deane of Sheffield, Leeds and England (pictured above) and Danny Murphy of Liverpool speaking about being ripped off for investing in films and then victimised by HMRC for following regulated advice.

Another section of the meeting involved Sue Flood and victims of financial frauds relating to pensions. It amazes me that 15 years out of being conned out of her pension she is still being pestered by the HMRC for the repayment of tax she has had no benefit but much torment.

Baroness Newlove spoke of the problems that victims continue to have keeping their houses, sanity and some their lives which they regard as value less following their experience.

The most powerful speech was from Lord John Mann who spoke with great energy and clarity of he failure of justice for those who he had worked for, most particularly coal miners in the north of England.

At the two hours I could stay I heard Margaret Snowdon about the work she has done to organise the pension industry to prevent more frauds such as the one Sue Flood discussed.

I fear that many of the frauds, including the transfer of DB benefits into DC SIPPs are now swept under the FCA’s carpet , the crime resolved by the good fortune of high gilt yields making annuities look alright. But relative to the extreme horrors of other frauds we heard about these are blemishes.

I left the event and did not hear the speeches from ex policemen and tax men who no doubt gave us a view from the inside.

The financial services industry were not present. This blog will be of little interest to those making good money from pensions and other regulated products but just as with the Post Office workers, those de-frauded by financial services are not going away and nor are the organisations within parliament and without.

Congratulations to Andy Agethangelou, Sue Flood and Carly Barnes-Short, Andy for leading the TTF and Sue and Carly for creating a charity to ensure that money is available to fight the injustices that financial victims are getting from the HMRC.

Agethangelou has a three point plan.

1. To recognise what HMRC is still doing is wrong
2. Not to ignore the injustice , but pursue it
3. Not to give up

I took this away and hope to return to this problem, though I know it is around me in the work I do.

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The agenda of the day

Investment Fraud Summit

Ten Years of Injustice for Victims vs HMRC

Date: 12 May 2025

Time: 4:00 PM – 7:00 PM

Location: UK Parliament – Committee Room CR11

 

Overview

Victims of investment and pension fraud have been failed by the very institutions meant to protect them. Many have been exploited by financial advisers and pension scammers, only to face relentless pursuit from HMRC—who refuses to recognise them as victims. Instead of targeting perpetrators, HMRC has issued aggressive tax demands, penalties, and interest, in some cases destroying lives.

 

This summit focuses on two of the most severely impacted groups:

• Sports professionals, who were exploited by unethical financial advisers and schemes, then
• wrongly treated by HMRC as tax avoiders.
• Pension savers, many of whom were given regulated advice to enter fraudulent pension schemes and now face unauthorised tax charges—while the enablers and promoters of these schemes remain untouched.

 

These stories reveal deep-rooted policy failures, a lack of victim-centred thinking, and a broken

culture within HMRC. The summit draws parallels to national scandals such as the Post Office Horizon and Loan Charge scandals, where systemic issues have ruined lives.

The event will also launch the Investment Fraud Committee, a cross-party coalition working to secure fair outcomes and long-term policy reform for victims.

 

Agenda

4:00 – 4:10 PM | Welcome – Framing the Crisis

Andy Agathangelou, Founder, Transparency Task Force

• Opening remarks on institutional injustice: drawing parallels with Post Office Horizon and the Loan Charge.

• Why victim-centred thinking must replace tax-first enforcement.

 

Introduction of Carly Barnes-Short, Co-Chair of the newly formed Investment Fraud

Committee, who will be co-moderating the event.

• Formal introduction to the Investment Fraud Committee: its purpose, cross-party structure, and plan to push for reform, redress, and justice

 

4:10 – 4:20 PM | Keynote Address

Baroness Newlove, Victims’ Commissioner for England and Wales

• A passionate call for change: Why HMRC must treat fraud victims as victims—not avoiders.
• Reflections on her recent meetings with HMRC officials and her letter to the Chancellor calling for reform.

 

4:20 – 4:50 PM | Panel 1 – Foul Play: HMRC’s Blind Spot in Sports Fraud

How athletes have been targeted, exploited, betrayed, and abandoned—first by advisers, then by

HMRC & Sporting Bodies

Moderator: Carly Barnes-Short

 

4:20 – 4:30 PM | Danny Murphy, Former England and Premier League Footballer

• Inside the dressing room: how sports professionals are targeted and exploited when seeking financial advice.

• The widespread failure of oversight in professional sport.
• How athletes are blamed—and the devastating consequences of being treated as tax dodgers instead of fraud victims.

 

4:30 – 4:40 PM | Brian Deane, Former Premier League Footballer

• Speaking not just for himself, but for the many victims across sport and society who have been
• betrayed by those they trusted.
• The deep emotional, financial, and psychological harm caused by HMRC’s continued pursuit of victims.
• How lives are being shattered—and will continue to be—if HMRC proceeds with enforcement.
• A call for compassion, common sense, and justice: victims must be supported, not scapegoated.

 

4:40 – 4:50 PM | Lord John Mann, Former Treasury Select Committee and member of the House of Lords, will discuss why government and HMRC must change their approach to victims of investment fraud—including those from within sport.

• He will explain how current tax policy fails to reflect the realities of how athletes are targeted and exploited by unscrupulous financial advisers.
• He will emphasise that professional athletes, like all individuals, are simply trying to safeguard their earnings and secure their financial futures by instructing regulated professionals—and that they should not be penalised for trying to do the right thing.
• He will also highlight the urgent need for greater safeguarding and long-term support for both current victims and future generations, particularly through the responsibility of sporting bodies.

 

4:50 – 5:20 PM | Panel 2: Pension Fraud – When the Defrauded Are Punished

Pension savers are facing extraordinary consequences—because HMRC won’t acknowledge their

circumstances.

Moderator: Carly Barnes-Short

 

4:50 – 5:00 PM | Sue Flood, Victim Representative and Co-chair of the Fraud in Pensions Committee

• Sue Flood will share her personal experience as a victim of a pension scam, detailing the devastating impact of unjust tax demands on her family.

• Now a victim advocate, Sue will discuss the campaign for fair tax treatment and redress for all victims.

• She will highlight how pension savers and athletes have united as one group, advocating for justice and support from HMRC and the government.

 

5:00 – 5:10 PM | Russell Ferris, Firefighter & Victim

• Russell Ferris will share his journey from being a trusted public servant to being wrongly branded a “tax cheat” by HMRC.
• He will discuss the emotional and financial toll on him and other pension fraud victims, and his fears about the further harm HMRC enforcement will cause.
• Russell will highlight the insult of being treated as a criminal when all he did was try to secure his future.

 

5.10 – 5:20 PM |Margaret Snowdon OBE, Pensions Expert

• Margaret Snowdon OBE will provide an expert analysis of what went wrong in the pension fraud crisis, focusing on how HMRC’s inflexible approach has compounded the problem.
• She will explain how existing pension regulations, intended to protect savers, were exploited by scammers to defraud individuals and how HMRC’s response has often been inadequate in addressing these challenges.
• Margaret will also highlight the gaps in policy and regulation that have allowed this crisis to persist, and the urgent need for reform to better protect pension savers from fraud.

 

5:20 – 6:10 PM | Panel 3: System Failure – Legal, Tax, Regulatory & Welfare Insights

Why our institutions aren’t working—and what needs to change now.

Moderator: Carly Barnes-Short

 

5:20 – 5:30 PM | Anthony Stansfeld, Former Police & Crime Commissioner, Thames Valley

Investigations into fraudsters are rare, with HMRC and law enforcement often failing to

hold perpetrators accountable, while victims face disproportionate penalties.

• Anthony provides an overview of law enforcement’s failing response to investment and pension fraud and calls for urgent reform & justice for victims

• He will highlight that investment and pension fraud is a cross-party issue, calling on parliamentarians from across the House to unite behind reform.
• He will discuss the failure of HMRC and law enforcement to hold fraudsters accountable, while victims face disproportionate penalties.
• Anthony will emphasise that this issue goes beyond tax, highlighting a broader failure of law enforcement and the urgent need for parliamentary action to address systemic failures and deliver justice for victims.

 

5:30 – 5:40 PM | Professor Nigel Harper, Former HMRC Official

Professor Nigel Harper, a former senior HMRC official, will provide valuable insights into the internal culture at HMRC and the challenges the organisation faces in handling fraud cases.

• He will delve into the specific issues surrounding the handling of film scheme fraud and discuss why HMRC’s approach has struggled to address broader investment fraud effectively.
• Nigel will also shed light on the systemic problems within HMRC, offering critical insights into why they are failing to provide an adequate response to fraud victims and suggesting potential reforms.

 

5:40 – 5:50 PM | Simon Myerson KC, Leading Barrister

Simon Myerson KC has represented a group of fraud victims against HMRC pro bono for

years, and in this session, he will explain why he felt compelled to act on their behalf.

• He will share his frustrations with HMRC’s flawed decision-making processes, discussing the inconsistent application of rules, their reliance on inappropriate tests, and the absence of clear policies for handling fraud victims.
• Simon will offer an in-depth perspective on HMRC’s approach to fraud cases and advocate for much-needed changes to ensure victims are treated fairly.

 

5:50 – 6:00 PM | Kim Goldsmith, Nurse & Victim Welfare Advocate

Kim Goldsmith, a nurse and victim welfare advocate, will address the hidden epidemic of

trauma, anxiety, and suicide among fraud victims facing pressure from HMRC.

• She will speak about the severe emotional toll on victims and their families, highlighting the inadequacy of the support provided by HMRC and the broader system.
• Kim will also raise concerns about the potential consequences for victims if HMRC proceeds with enforcement actions without adequately considering the mental health and well-being of those affected.

 

6:00 – 6:10 PM | Jeremy Cornford, Financial Advisor & Campaigner

• Jeremy Cornford, a financial advisor and victim advocate, will expose the shame he feels regarding the betrayals committed by his fellow professionals who have exploited vulnerable individuals.
• He will offer insights into the top-down systemic failures that have allowed such frauds to proliferate and explain how the lack of accountability among professionals and regulators has contributed to the problem.
• Jeremy will draw comparisons to the Horizon and Loan Charge scandals, showing how these systemic failures have left victims without justice and the urgent need for reform in the industry.

 

6.10 – 6.30 PM | Closing Session: Action for Justice

Moderator : Andy Agathangelou

 

Sarah Bool MP, Co-Leader of the Investment Fraud Committee,

• Sarah will formally launch the committee, outlining its mission to secure fair outcomes and long-term reform for investment fraud victims.
• Sarah will highlight strong cross-party commitment to fixing a broken system that has repeatedly failed to support victims, and will call on parliamentarians to unite in delivering reform.
• She will discuss how the committee will work to create real, lasting change for those affected.

 

Carly Barnes-Short, Campaign Lead,

• Carly will introduce the committee’s tangible next steps, which include the launch of the Fair Settlement Framework, aimed at securing fair financial outcomes for victims of fraud.
• She will outline the action being taken, including sending letters to government, HMRC, and the Treasury with a settlement proposal for historic victims and efforts to galvanise long-term law and policy change to protect future victims.

 

6:30 – 7.00 PM | Audience Q&A & Media Interviews

 

Open forum for audience questions and contributions

 

7:00 PM – Event Close

Contact

For more information or inquiries, please contact: hello@investmentfraudcommittee.co.uk

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