UK. TPR bans pension trustees over high-risk investments
The Pensions Regulator (TPR) has banned two trustees of the London Quantum pension scheme for transferring funds into high-risk and suspected scam investments.
Stephen Ward and Anthony Salih, directors of Dorrixo Alliance Limited, which acted as trustee for the London Quantum pension scheme were found to have put pension savers’ money into eucalyptus farms, hotel rooms on an African island and car park bays.
TPR’s determinations panel has banned both men from acting as pension trustees due to their ‘lack of competence and capability’. Ward was said to have failed to investigate an inappropriate investment that should have been clear to a professional trustee. Salih was also found to have lacked the competence and capability expected of a trustee.
Between April 2014 and June 2015 hundreds of people were approached by introducers being paid commission to persuade pension savers to transfer their funds to London Quantum.
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