View more on these topics

Cold-calling pension firm shut down

A pension company that invested in storage products with investors’ savings has been ordered into liquidation by the High Court.

Kent-based Chartwell Trustee Pension Solutions was the sole trustee of the Pinnacle Pension Scheme.

Chartwell amassed in excess of £4.8m of members’ pension funds following an apparent cold-calling telesales operation.

Members were told to expect 8 per cent returns into their pension pots for the first two years, and were aware the money was being invested into storage products.

The Insolvency Service launched an investigation into the company following complaints, finding customers had not been issued with any annual return statements or details of their invested funds.

Chartwell had held the funds in the investment since October 2015.

Details provided to the Insolvency Services by directors Christopher Payne and Karen Burton were also incomplete.

Pension scam losses jump 70%

Information provided by the pair to the Pensions Regulator also contradicted the information on activities provided to the Insolvency Service.

Payne and Burton were previously directors of Imperial Trustee Services, which was also also wound up by the Insolvency Service after a public interest petition

Insolvency Service investigation supervisor Irshard Mohammed says: “Members of the public should be most wary when approached with investment proposals or proposals of how to manage their pension, through unsolicited telephone calls.

“Those behind companies such as Chartwell should be aware that the Insolvency Service will not tolerate such abuses of the corporate regime.”

Recommended

Wells Street Journal: Pensions Regulator lobs a rotten Nest egg

Much has been made of the Government’s taxpayer funded campaign encouraging voters to back remaining in the EU. The Leave side predictably went ballastic when details emerged of the 14-page booklet sent to every household in the UK at a cost of £9m. Leading Brexiteers Boris Johnson and Nigel Farage also presumably received the handy […]

2

FCA mulls exit fee ban for platform switches

The FCA is considering banning exit fees for switching platforms. In its platform market study, released this morning, the FCA says it may also issue further guidance on how advisers should charge for platform switches after finding that the process and the costs involved can often be lengthy, preventing clients from getting the best deal […]

UK-Parliament-Big-Ben-Lamp-700x450.jpg
3

MP tables motion to thank British Steel financial advisers

Liberal Democrat MP Stephen Lloyd has tabled an Early Day Motion in parliament to thank advisers who assisted Port Talbot-based steelworkers disadvantaged in the British Steel pension saga. Lloyd, the Liberal Democrat MP for Eastbourne tabled the motion this week as the party’s frontbench spokesman for work and pensions. Henry Tapper: ‘We’ve really made a […]

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg

Pay for top pensions regulator and ombudsman staff revealed

The annual accounts of the Pensions Regulator and The Pensions Ombudsman have revealed salary levels for top staff. Outgoing TPR chief executive Lesley Titcomb’s salary was between £220,000 and £225,000 for 2017/18, with a bonus payment of between £15,000 and £20,000 on top of that. Both amounts were unchanged from 2016/17, and the chief executive’s […]

1

School fees planning

Jeremy Pearson is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. Many parents value the standard of education offered by […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com