Pension bosses banned after abusing members' funds

Banned for a total of 34 years

clock • 3 min read

Four pension trustee firm directors have been banned from running companies for a total of 34 years following an investigation by the Insolvency Service which revealed significant mismanagement of funds.

The probe found the directors connected with Transeuro Worldwide Holdings helped fund two introducer firms, Sycamore Crown and Jackson Francis, which misled clients about their expertise and experience, promising guaranteed investment returns designed to encourage members to transfer their existing pension funds. The Insolvency Service has now banned the four directors from running a company for their role in the businesses' mismanagement of almost £50m in members' assets. Sycamore Crown director Stuart Greehan agreed to a nine-year voluntary ban as a result of false and misleading st...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Exploring pensions outsourcing as a route to unlocking efficiencies

Exploring pensions outsourcing as a route to unlocking efficiencies

'Unlocks the potential for iterative improvement'

Julia Fintz
clock 24 December 2024 • 7 min read
Government confirms no compensation for WASPI women over state pension age changes

Government confirms no compensation for WASPI women over state pension age changes

DWP finds communication delays did not amount to financial loss

Martin Richmond
clock 17 December 2024 • 4 min read
Chancellor's move to pause Pensions Review 'deeply disappointing'

Chancellor's move to pause Pensions Review 'deeply disappointing'

Rachel Reeves has reportedly pressed indefinitely paused the review

Jenna Brown
clock 16 December 2024 • 3 min read