SSAS complaint against Rowanmoor Trustees upheld by TPO

Comes after it did not fulfil its duties as a trustee of a SSAS scheme

Isabel Baxter
clock • 2 min read

The Pensions Ombudsman (TPO) has upheld a complaint against Rowanmoor Trustees after it ‘did not fulfil its duties’ as a trustee of a small self-administered scheme (SSAS).

The decision by the TPO - published on 1 February - outlined the complainant's (Mr N) case, who argued that Rowanmoor failed to perform sufficient due diligence in relation to a SSAS scheme. In 2013, the complainant was advised by unregulated firm First Review Pension Services to invest in Dunas Beach. He was then contacted by regulated firm Sequence Financial Management, who introduced him to Rowanmoor. On 5 January 2014, Mr N completed an application for the SSAS scheme with Rowanmoor. The scheme was an £62,500 investment in a 33% share of the Dunas Beach hotel suite. At the time of...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Pension allowance changes fuel increase in chunky contributions

Pension allowance changes fuel increase in chunky contributions

‘The rule changes have breathed fresh life into pension planning'

Jenna Brown
clock 26 February 2024 • 2 min read
Finance Bill LTA provisions a 'rushed job' ahead of April

Finance Bill LTA provisions a 'rushed job' ahead of April

LTA provisions remains a concern in the latest Finance Bill

Jonathan Stapleton
clock 23 February 2024 • 1 min read
FCA warning for duo over 'seriously flawed' DB transfer model

FCA warning for duo over 'seriously flawed' DB transfer model

Two warning notices have been issued to unnamed individuals

Hope Coumbe
clock 21 February 2024 • 1 min read