By Steve Conley
Founder, Academy of Life Planning
👏 Well done, FCA. Two fraudsters who scammed 65 individuals out of £1.5 million through fake crypto investments have rightly been sentenced to a combined 12 years in prison. Justice was swift, public, and commendable.
But what about the 40,000 British victims of the QROPS scandal — robbed of more than £10 billion?
Where’s the action there?
Victims of these pension scams have been writing to you, pleading with the FCA for years.
They receive no justice.
No prosecutions.
No answers.
Instead, they are dismissed, ignored, or coldly redirected to regulators in obscure offshore jurisdictions — despite the fact that these scams:
- Were initiated on UK soil
- Promoted by UK citizens, living in the UK
- Facilitated by UK insurance companies and banks
- Processed through UK-registered companies
- And laundered through UK property and shell firms
Let me be crystal clear: UK law was broken.
UK citizens were the perpetrators.
UK agencies enabled it.
And the victims were overwhelmingly British pension savers, robbed of their futures.
Yet the FCA seems to act as if it has no jurisdiction. Or worse — no will.
You have time and energy to secure prosecutions in small-scale crypto cases. Good. Necessary.
But what signal does that send when you leave victims of one of the biggest pension frauds in UK history in the cold?
Is it the complexity of the schemes?
The embarrassment of regulatory failure?
Or is it something more systemic — that pursuing justice for these victims contradicts the government’s deregulatory growth agenda?
One that turns a blind eye to crime if it flows through London first?
Let’s not pretend this is about overseas regulators.
These are British crimes, dressed up in offshore wrappers.
The financial architecture was created in London. The vehicles were registered in UK Companies House. The enablers were UK authorised firms. And the money often came right back — buying up UK property or being washed through FCA-registered firms.
You let bad actors buy up rogue administrators and merge away their liability.
You permit financial phoenixing through loopholes.
And you stonewall survivors while claiming there’s “nothing to see here.”
Victims aren’t asking for miracles.
They’re asking for the same humanity and professional diligence you showed in the crypto case.
They’re asking for answers. Investigations. Accountability.
This is a cry for justice — not just from me, but from thousands.
Please, respond to the correspondence. Not with bureaucracy. Not with deflection.
But with courage, compassion, and integrity.
History is watching.
Note:
On 10 June 2011, followed by a reinforcement on 6 July 2011, the Financial Services Authority (FSA) issued consumer alerts concerning “pension unlocking” and early-release pension schemes, emphasising the following:
“Trustees should take care to ensure that those advising on overseas pension transfers are FCA‑authorised firms and have the appropriate permissions to advise on pensions and arrange transfers.”
Although these alerts were consumer-focused, they explicitly reminded trustees of their legal duty to verify adviser authorisation before permitting transfers—especially to overseas schemes.
About Get SAFE
Get SAFE (Support After Financial Exploitation) was born from a simple truth: too many victims of financial abuse are left to suffer in silence.
We exist in memory of Ian Davis—for the ones who did everything right, only to be failed by the systems they trusted. We know that behind every vanished pension, every ignored complaint, and every stonewalled letter is a person—frightened, exhausted, and too often alone.
Get SAFE offers more than sympathy. We offer structure, support, and solidarity.
We provide a voice where there’s been silence, and clarity where there’s been confusion.
We stand beside those who have been exploited, not just to help them recover—but to help them reclaim their story and rebuild their future.
Because financial justice is not a luxury.
It’s a human right.
If you or someone you know has been affected by financial exploitation, we are here.
You are not alone.
Academy of Life Planning 