IFAs arrested in £2.5m pension fraud probe

Nine men and two women based in the West Midlands, some of whom are understood to be working as IFAs and SIPP operators, were arrested in raids carried out by anti fraud authorities in the North West and Cumbria yesterday. According to a local newspaper, the operation was part of an HMRC investigation into suspected tax relief fraud involving bogus pension schemes. HMRC officers have been working closely with The Pensions Regulator and FSA in a bid to source the alleged £2.5m fraud. Officers searched 14 premises including residential addresses across the region, seizing documents, pap...