'Rogue' pension firms wound up for 'scant regard' to £21m savings

The firms were forced to wind up on 30 May after being placed into provision liquidation in April, following an investigation which found 520 savers were lured into transferring about £21m. Using cold calls, the companies questioned the performance of the transferring members' original pension funds, offered free pension reviews, and advised a loan could be provided by the finance companies if funds were transferred to any of 15 pension schemes. Although members were promised their funds would be invested in a wide-ranging portfolio when transferred, they were instead put into high ri...