Pension bosses handed 34-year ban for £12m pension liberation 'house of cards'

209 people offered loans

clock • 2 min read

Three directors who liberated just under £12m worth of pension savings have been disqualified for a total of 34 years for misleading investors over a period of 30 months.

Kevin Kirkwood was handed a 10-year ban, while Gary Quillan and Gregory Garrett were both given 12-year disqualification orders on 18 September at the High Court in Manchester. The court heard that the two firms involved - Liverpool-based KJK Investments and Windermere-based G Loans - operated a ‘pension liberation scheme' allowing savers to access pension benefits before the age of 55. Some 209 individuals were offered loans by G Loans on the condition that they simultaneously invested their existing pension in KJK Investments shares - the value of that investment being typically twi...

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 Retirement

Advisers warn market volatility will threaten retirement plans

Advisers warn market volatility will threaten retirement plans

More than half expect clients to postpone or change plans

Isabel Baxter
clock 26 March 2024 • 2 min read
Perfect timing: How to advise clients on the right time to retire

Perfect timing: How to advise clients on the right time to retire

Striking a balance between health, wealth and personality

Richard Hulbert
clock 05 February 2024 • 4 min read
Baillie Gifford: Enjoying later life without an income from work

Baillie Gifford: Enjoying later life without an income from work

The latest from PA’ Digital Working Lunch webinar series

Professional Adviser
clock 12 December 2023 • 2 min read