SSAS complaint against Rowanmoor Trustees upheld by TPO

Comes after it did not fulfil its duties as a trustee of a SSAS scheme

Isabel Baxter
clock • 2 min read

The Pensions Ombudsman (TPO) has upheld a complaint against Rowanmoor Trustees after it ‘did not fulfil its duties’ as a trustee of a small self-administered scheme (SSAS).

The decision by the TPO - published on 1 February - outlined the complainant's (Mr N) case, who argued that Rowanmoor failed to perform sufficient due diligence in relation to a SSAS scheme. In 2013, the complainant was advised by unregulated firm First Review Pension Services to invest in Dunas Beach. He was then contacted by regulated firm Sequence Financial Management, who introduced him to Rowanmoor. On 5 January 2014, Mr N completed an application for the SSAS scheme with Rowanmoor. The scheme was an £62,500 investment in a 33% share of the Dunas Beach hotel suite. At the time of...

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

How retirement planning has transformed over the past 50 years

How retirement planning has transformed over the past 50 years

PPI report looks at the move from predictable pensions to personal responsibility

Jonathan Stapleton
clock 21 November 2024 • 3 min read
Act now: Planning for retirement is a concern for today

Act now: Planning for retirement is a concern for today

'Don't wait until tomorrow to think about retirement'

Andrew Tully
clock 20 November 2024 • 4 min read
Government publishes Pensions Investment Review interim report and launches DC and LGPS consultations

Government publishes Pensions Investment Review interim report and launches DC and LGPS consultations

Report published as Reeves delivered inaugural Mansion House speech

Jonathan Stapleton
clock 15 November 2024 • 4 min read