REGULATORS FAILED to prevent fraudsters "systematically plundering" £3m from a company pension, according to an inquiry by Sir Gerald Hosker QC published yesterday, reports the Daily Telegraph .
Five defendants were sentenced to a total of 26 years' imprisonment following complex thefts from the pension scheme at Birmingham locksmiths CW Cheney, says the paper. The Department for Work and Pensions (DWP) commissioned Sir Gerald to examine the role of the Occupational Pensions Regulatory Authority (Opra), which was replaced by the Pensions Regulator in April. For legal reasons, his inquiry does not name the defendants - who stood trial separately - but Sir George's report states: "The key individual was successful in the implementation of his intention to denude the Cheney pensio...
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