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Wednesday, March 29th, 2023, 4:06 am

NOW: Pensions and Standard Life (Phoenix Group Holdings) Not Progressing Fraud Investigations

Fraud investigations in the era of bankers going rogue

Hey it's still better than sportwashing qatar

Summary: Based on our experiences and findings, one simply cannot rely on pension providers to take fraud seriously (we’ve been working as a group on this); all they want is the money and risk does not seem to bother them, even when there’s an actual crime associated with pension-related activities

THIS site isn’t a personal site (unlike my personal blog and personal site, schestowitz.com), but the issue seems commonplace and it impacts workers in “tech” (in my case, my former employer was an early sponsor of the Free Software Foundation).

I wanted to just post a quick update to say that 2 days ago I contacted two pension providers regarding their ongoing investigations of actual fraud. I wrote to them:

Is there any concrete progress on this yet?

This back-and-forth inquiry with your staff has gone on since January.

We’re fast approaching April and former Sirius staff does not want to be left aside as “April’s fools”.

The company is rapidly losing clients and may soon have key evidence in its shredders. Please progress this ASAP, even if there are not many of us and Sirius is not a large company.

We need action, not merely acknowledgements.

45 hours have passed and not even a reply from them!

One of the pension providers has not yet delivered what it promised it would send. The other has been mostly sitting on it for 3 weeks already. So what’s going on? Is this how Britain’s pension industry deals with fraud?

Sirius, the company, is ‘in hiding’ and it is losing customers (we kept noting escalation would follow for failure to provide a real address; it seems possible they not only squandered many people’s pensions but went even further). How long will it take for pension providers to take action? Will they wait until the company goes bankrupt? It might be too late by then. At a later stage we’ll explain why such delays can implicate the pension providers, making them partly accountable/complicit.

Sirius wasn’t always this rogue. Those pension providers too used to be more trustworthy, even putting their logos on athletes’ uniform to earn some trust (as if football is a badge of integrity). At one point Sirius had its logo on the jerseys of a young people’s football team (photo above), but that was a very long time ago. Nowadays it seems like the CEO of Sirius can barely even afford a shirt. Last time he held a company meeting he was wearing a rib shirt. No kidding.

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