Contact

News & Insights

Custodial Sentence for Pensions Fraudster

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. ***

Regulated Pensions Advice

Blacktower FM provides its international clients with expert, independent and fully regulated pensions advice, including international pension transfers, so they can make the most of their wealth as they move towards their retirement goals.

For more information about how we may be able to help, contact your local Blacktower FM expat financial advice office today or download our Pension Planning Brochure for more information.

 

*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-court-lists-results.php

** ThePensionsRegulator.gov.uk: accessed 09-04-19

*** FTAdviser.com: accessed 09-04-19

Other News

Tax and Benefits Across Borders – Don’t Get Caught Out

Calculator with Euro buttonLiving as an expat in Spain, or indeed in any other country, brings particular and sometimes very complex wealth management requirements because managing personal finances across multiple jurisdictions is inherently complex and invariably requires specialist advice.

This goes some way to explain why thousands of British expats have recently been caught and penalised for either failing to pay taxes or unlawfully claiming British pension and other social security benefits while living and, in some cases, working abroad.

Cross-border taxation for expats is a notoriously confusing area of wealth management and can seem especially onerous with new data sharing and enforcement rules in place. Unfortunately, not all asset managers are as familiar with tax reporting requirements as they should be. This may seem inconceivable, but wealth management professionals in Spain, across Europe and indeed the globe have an obligation to clients to ensure that they understand and follow all the rules.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information:

You are currently viewing the Blacktower Financial Management EU website.

You may be looking for the Blacktower United States website.

Blacktower United States > X Stay on this site

Or choose your country.