Were You Mis-sold a Gleeson Bessent SIPP Pension
Gleeson Bessent Trustee Services and Gleeson Bessent Trustees both offered ordinary investors the opportunity to take out high-risk investments as a part of their existing pension schemes. After investigation by the Insolvency Service, it was determined by the High Court that the pension trustees should be wound up. These trustees administered 9 different occupational pension schemes, including PSP. Retirement Benefit Scheme and Focusplay Retirement Benefit Scheme.
It was determined that these pension funds were in breach of a number of rules, including lending money from the schemes to the ‘sponsoring employer’.
A High Risk Form of Investment
In spite of being charged an initial fee that was (in some cases) up to £1,645, and also charging ongoing management fees up to £2,500 which, across all the schemes generated over £3.5 MILLION in fees for the firms, the owners opted to put the money into high-risk investments.
Organic Investment Management DFM
Roger Bessent of Gleeson Bessent was acting as an accountant, and also audited Organic Investment Management, a discretionary fund management firm which now also has restrictions placed upon its operations. The firm has been asked to re-submit its accounts following the revelation that Roger has shareholdings in Organic.