Rikki Nicholls and Mark Kelly have been sentenced to six years in prison for pretending to be financial advisers. The two men ran an unregulated business together that defrauded over 250 clients. The pair facilitated placing £22m of pensions funds into high-risk investments via SIPPs.
Nicholls and Kelly set up PCD Wealth & Pensions Management in 2007 to convince people to transfer their pensions. PCD was never regulated by the FCA, but regardless between August 2008 and May 2010 they organised the transfer pensions funds to SIPPS run by provider Hornbuckle Mitchell.
More than 250 victims came forward during the subsequent investigation to give evidence against the pair. Victims lost between £10,000 and £200,000 each from their pensions. There is an investigation in place to review the pair’s assets to determine whether any money can be returned to the victims.
As is true with many pension scams, victims are vulnerable by age and financial position, and as a result have been left in severe financial difficulties. Many must continue to work in order to fund their retirement, or retire with a lesser pension, or even without a pension.
The FCA first flagged concerns for PCD in 2011, later banning the pair in 2016.
If you have been affected by the above or you are concerned about the performance of your SIPP pension call today on 0800 046 9976 speak to a member of our specialist mis-sold pensions team who will be able to advise you. Alternatively, you can fill out the contact form and one of the team will be in touch at a time that suits you.