UK Compensation Fund Shelves Probe Into Advice Cos.

Law360, London (January 8, 2020, 1:04 PM GMT) -- Britain's consumer compensation fund has said it has suspended its investigation into two financial advice companies thought to have been linked to a £21 million ($27.5 million) pension scam.

The Financial Services Compensation Scheme said on Tuesday that it had found no evidence that the two companies, 1 Stop Financial Services and Douglas Baillie, knew of any misuse of funds carried out by Fast Pensions and five related businesses.

The six rogue companies were wound up in the High Court in May 2018 in a case brought by the government’s Insolvency Service. The businesses were found to have used “unscrupulous” tactics to...

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