EXCLUSIVE by James Bryce
REGULATORS have warned investors to be wary of a British financial advisor operating from Spain, it can be revealed.
Warnings have been given on PFR Services (Planning for Retirement) and Cash in Your Pension – two of the firms linked to Terence Wright – on the Financial Services Authority (FSA) blacklist.
Wright – who also allegedly owns Spanish companies including Alhaurin Wealth Planning (AWP) – is using a call centre in Andalucia to hook investors into a variety of schemes.
The centre in Alhaurin el Grande is linked to a British phone number, answered by the team in Spain.
One woman, who recently worked at the office, told the Olive Press: “I became suspicious of the operation after watching a programme on television about similar schemes.
“It was remarkably similar to the job in Alhaurin and I felt uncomfortable and handed in my notice.”
She continued: “I was interviewed by Terence Wright and I had to answer calls for both PFR and AWP and I had to ensure that I didn’t get the two mixed up.
“It was all a bit of a concern.”
The Olive Press can reveal that Wright’s companies are soliciting customers to invest their pensions in various schemes including a Spanish vineyard and an Australian wheat company.
A spokesman for the FSA confirmed that investors should be very wary of such schemes.
Wright is not authorised to carry on regulated activities in the UK, which include advising on investments.
The FSA spokesman said: “We strongly recommend that anyone looking to seek financial advice consults the FSA website.
“Investors who deal with unregulated firms are not covered by UK compensation rules.”
An expert told the Olive Press that the FSA cannot restrict advisors dealing in land investments.
“There have been examples where pensioners have unwittingly made inappropriate investments that properly regulated advisors would not have proposed,” he explained. “These warnings however, do not prove any breach of UK law.”
According to its website Alhaurin Wealth Planning specialises in land and property investments, while Cash In Your Pension’s website encourages people to invest their pension elsewhere.
It states clearly: ‘We are an offshore company and are therefore not subject to the same legislation as pension advisors in the UK’.
This week a woman, who gave her name as Emma confirmed the office was in Alhaurin and promised to call us back.
Eventually we spoke to another member of staff Ben James, who insisted that Wright no longer had links with the company.
He said: “I have not seen him for two-and-a-half years and he is not involved with PFR services.”
We were unable to contact Wright, who also owns a real estate company Terence Wright Associates in Cartama.