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Blog: What happened to British Steel advice firm boss’s other companies?

Question-Marks-700.jpgThe British Steel Pension Scheme saga, which centred on transfer advice given to workers at the giant plant in Port Talbot, brought advice firm Active Wealth and its director Darren Reynolds much publicity.

The FCA removed Active Wealth’s permissions to do pensions transfers in December 2017 and it was declared insolvent in February after failing to appear before MPs conducting an enquiry into the scheme.

According to documents published on Companies House and insolvency listings site The Gazette, three companies Reynolds is or was associated with have now also been wound-up or dissolved.

A search of Reynolds’s business interests by Money Marketing shows a company called Simple Pension Administration, which is described as a “financial intermediation” business, was wound-up on 8 August.

A HM Revenue and Customs spokesman says that HMRC issued the order to wind-up the company in this instance.

According to an earlier notice published on The Gazette, commissioners from HM Revenue and Customs issued a petition to wind-up Simple Pension Adminstration at the end of July.

Reynolds was a director at Simple Pension Administration from 16 July 2008 until 1 December 2016. When he resigned, he owned more than 50 per cent but less than 75 per cent of shares in the business.

Another individual, Maria Julie-Ann Reynolds is also listed as a director during the same period, and Simon Reynolds is listed as the current director.

The last annual accounts made up to 31 July 2016 show Simple Pension Administration made a profit of £267,738 in the financial year, attributed to a Mr D Reynolds and Mrs M Reynolds.

Another firm, Active PMC, described as conducting “activities auxiliary to financial intermediation” where Reynolds was a director was dissolved via a “compulsory strike-off” on 21 August.

A further, separate company called Advice Review Centre, where Reynolds and Maria Julie-Ann Reynolds are also directors, was issued a notice for compulsory strike-off on 31 July.

Reynolds declined to comment.

Money Marketing ‘s reporting on the legacy of BSPS and the role of advisers



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