Al Rush, speaking exclusively to Financial Planning Today, says he does not want to ban pension transfers, despite the BSPS debacle.

Mr Rush, who was heavily involved in helping those who suffered as a result of the mess, spoke about his life, his military career and how he had to act in Port Talbot.

But, despite what happened, Mr Rush said he did not want a ban on pension transfers.

He said: “I’m not anti-transfer. I think that all cases have to be judged on their individual and unique merits. 

“I don’t think that you can go into a chat with any client about anything, with a preconceived idea.

“But, if you are going to do it, my god, you need to be sure that you are doing it for the right reasons, and that the case stacks up. 

“I despair at the transfer-farms.”

Speaking about the situation he found in Part Talbot, he said: “The situation was a pressure cooker – you had financially illiterate, vulnerable men who worked in small teams and who trusted the opinion formers and the leaders within their teams. 

“You had an employer which wasn’t trusted, pension trustees who weren’t either and you had this overwhelming vacuum that the adviser in question was able to exploit. 

“There was a complete absence of information and guidance – the unions were feeding people to a national chain of advisers, and as a backdrop, you had the sense that time was running out. It was a fusion of an abundance of ignorance, an opportunity for exploitation and a complete lack of integrity.”

He added: “We had folk with serious health issues who should have stayed in the scheme being blatantly lied to.

“We had information not being offered when asked. Suitability reports that all looked similar, folk being made insistent clients without them knowing, a former copper doing cashflow management in his head and then, seconds later, declaring that a person’s income needs would be met.

“The single use of a fund which no self-respecting IFA would touch with your worst enemy’s bargepole, deception and duplicity, lying and evasion...I could talk for hours.  

“One man, ‘Thomas’, (not his real name) sitting there, looking at a help-group and quietly saying after 20 minutes, ‘I have no paperwork at all’ in a rich Welsh baritone voice that was full of helplessness, shame and humility.

“The room went quiet. 

“At that moment, I just sat there, scared. 

“Those dignified and proud men should not have been placed in that position at all, by anyone.”

The full interview appears in the latest issue of Financial Planning Today magazine, which is available to read online.

Other key features in the latest issue include:
• Stories about MoneySavingExpert.com founder Martin Lewis' legal battle with Facebook, details of a financial adviser jailed for sexual assault and more. 
• A 5 page Special Report on how leading Financial Planners and Paraplanners are using the latest business tech to engage with clients 
• Inside My Business: Acumen Financial Planning's Sandy Robertson talks about his work-life balance, his inspirations and his fiercely independent approach to business.
• Planner Casebook - Mike Walker, of Prest Financial Planning, looks at a real-life case involving a HNW couple looking to tackle major Inheritance Tax challenges.
• Client Hunter tips from Nicola Watts, who looks at finding new clients and keeping existing ones engaged
• Investment Insiders talk Brexit
• Columns from leading Financial Planner Julie Lord, PFS chief executive Keith Richards, CISI head of Financial Planning Jackie Lockie, senior Paraplanner Chloe Moran and other key commentators
• DFM news and listings