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

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.

Other News

Pension Transfers – the need for advice

Island in the shape of the euro signThe UK government has admitted there are not enough pension transfer specialist advisers to deal with demand, particularly in the case of more complex transfers into overseas pensions. This was the government’s response in March to a consultation launched two years ago, on whether the need to take financial advice, introduced with pension freedoms, created difficulties for overseas residents – residents such as those living in Cyprus wishing to transfer their pension savings from the UK to a qualifying recognised overseas pension scheme (QROPS).

According to data from HM Revenue and Customs (HMRC), there were just short of 10,000 transfers to a QROPS in the 2016/2017 tax year. However, from these, only transfers of more than £30,000 would be subject to the advice requirement.

Read More

Oil, Markets, Brexit: Now is the time to get things right

The last couple of weeks havbrexite started to show that the markets could be ready to start that long journey to recovery and start to give patient investors some joy.

Oil has bounced back up in value by getting back over the $40 a barrel mark after dropping to $28 a barrel.  While this surge has not yet been reflected in the prices of oil and other related companies, if the price maintains – or even starts to recover further – you can expect to see some share prices rise and dividends increase very soon.

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.