The Financial Services Authority (FSA) has banned two former Freedom SIPP directors, John James Quarrell and Susan McKenzie Beaumont, from working in the financial services industry.
This follows The Pensions Regulator's (TPR) order in August 2009 to prohibit them from acting as trustees of trust schemes in general.
Quarrell and Beaumont were directors of the Freedom SIPP, self-invested personal pension scheme operator.
The FSA found that Quarrell and Beaumont are unfit to work in the financial services industry because TPR determined in 2009 that they were not fit and proper persons to be trustees of trust schemes.
Quarrell and Beaumont referred both TPR and FSA's decisions to the Upper Tribunal.
The tribunal decided to strike out Quarrell and Beaumont's references on the basis that they had little prospect of success and because they had failed to engage properly with the tribunal process.
In October 2009, judges at the High Court wound up Freedom SIPP after HM Revenue & Customs (HMRC) brought a legal action against Quarrell for tax irregularities. The firm was estimated to owe HMRC about £65m.
HMRC brought the case - with FSA backing - in the interests of Freedom SIPP members.
Provider Mattioli Woods wound up the business.
Quarrell, a former top corporate pensions lawyer, also ran Quarters Trustees and Quarters Solicitors. In January 2009 the Solicitors Regulatory Authority shut his law firm down for failure to comply with accounting rules.
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