The Pensions Regulator’s executive director of frontline regulation, Nicola Parish, said that Bessant had used the pension scheme for his own personal benefit and, as an accountant was a trusted advisor.
She added, “[Bessant] abused that trust and used his position as trustee to defraud the scheme for his benefit and the benefit of his friends and family.
“Trustees play a vital role in protecting the benefits of members. We will not tolerate the abuse of such an important job.” **
Bessent worked for the Focusplay Retirement Benefit Scheme and abused his position to channel scheme members’ funds into businesses he either owned or had an interest in. Hearing the case at Preston Crown Court, Judge Nicholas Barker characterised Bessent as a “selfish and greedy” man who had placed his own interests above those of his ordinary and hard-working clients.
The Pensions Regulator reports that Bessent used £120,000 of stolen funds to buy an investment property, used other money to pay his business’s tax liability, and yet more money as capital for his son-in-law’s physiotherapy start-up. **
“You used their money as your own. You knew what you were doing was dishonest and wrong,” said the judge.***
Guy Opperman, minister for Pensions and Financial Inclusion, said that the custodial sentence should serve as a warning that any person who abuses a position of trust to defraud pension scheme members will face meaningful justice. ***
Furthermore, Opperman said that The Pensions Regulator will be given new powers to enforce sanctions for a new offence relating to pension schemes of wilful or reckless behaviour which will be punishable by up to seven years in prison or unlimited fines. ***
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*Case No.s: T20190117 & T20190118 – Defendant Roger William Bessant, Dates: 27-022019, 29-03-2019, 08-04-2019
https://www.thelawpages.com/court-hearings-lists/crown-courts-cases.php
** ThePensionsRegulator.gov.uk: accessed 09-04-19
*** FTAdviser.com: accessed 09-04-19
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
One of the best pieces of semi-financial advice I ever received was about buying clothes: buy good quality (obviously) and then have the garment altered to fit me specifically; sound financial and sartorial sense. Of course, this means going a little further than one might normally when buying a new outfit, but it’s a little extra that I think is more than justified in the end. Ready-to-wear clothes are great without doubt, but having something that fits you perfectly gives a continued feeling of satisfaction with every wear, it’s so worth it. There are parallels to be made in my professional life as well; it’s such a pleasure to be able to offer clients advice and products that are tailormade to their requirements and fit their circumstances perfectly.
Many ex-pats are still suffering from the cuts in income that have taken place due to the very low interest rates they continue to endure on their savings.