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Money Portal subsidiary GP Noble in Serious Fraud Office investigation

The Serious Fraud Office is investigating Money Portal’s pension trustee subsidiary GP Noble.

This follows a move by the Pensions Regulator to suspend and replace GP Noble as independent trustees on a number of schemes due to “concerns”.

A spokeswoman from the SFO confirmed that it is investigating GP Noble and so far three arrests have been made, but the men aged 40, 47 and 51 have since been released without charge.

The SFO said search warrants had been executed yesterday with the assistance of Nottinghamshire and City of London Police on three residential and two business addresses in Nottingham, Suffolk and Surrey.

Money Portal suspended GP Noble’s executive directors Gary Cordell and Graham John Pitcher several weeks ago following its own investigation.

A statement by the Money Portal board said: “Prior to the SFO investigation, we conducted our own investigation of the conduct of the two executive directors of GP Noble and suspended them from their duties several weeks ago.

“We shall do all we can to ensure that justice is done and will cooperate fully both with this inquiry and with the Pension Regulator, whose actions we fully support.”

Money Portal is unable to comment further while the investigation is underway.

The Pensions Regulator said in a statement that member’ benefits were not at risk.

It said: ”We can confirm that the Pensions Regulator decided that it was appropriate to suspend GP Noble, and replace them as independent trustee, from a number of schemes. This was due to their actions in relation to certain schemes giving cause for concern.

“As these matters are subject to an ongoing investigation, and details of the case restricted information under the Pension Act 2004, we are unable to comment further at this time.”

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