Date of Birth: / /

Date Order Starts: 27 / 6 / 2018

Disqualification Length: 3 Years 6 Month(s)

CRO Number: 08207804

Last Known Address: 111 QUEENS ROAD, FULWOOD, , , PRESTON, PR2 3BD

Conduct: Matthew Bessent, while a registered director of Gleeson Bessent Trustees Limited (“GBT”), failed to ensure that GBT properly or adequately performed its role as a Trustee of pension schemes and as a result, members’ funds were exposed to a greater level of risk than that specified in guidance issued by the Pension Regulator, in that:-

  • GBT failed to comply with the terms of the Governance Statement of the pension schemes of which it was Trustee.
  • GBT failed to comply with the statement of investment principle (“SIP”) of the pension schemes of it was Trustee.
  • The Pension Regulator has issued guidance for Trustees outlining responsibilities placed on scheme Trustees and explaining what Trustees need to do in order to comply with the law, the Pensions Act 1995 and the Pensions Act 2004. GBT failed to comply with that guidance or the provisions of the pension legislation.
  • GBT made investments in companies where the accounts and instruments did not reflect the investment made. GBT failed to carry out its function as Trustee / administrator by failing to ensure that sufficient share certificates to support investments were received and / or to satisfy itself that there was sufficient evidence of the existence of the investment.
  • GBT operated with a lack of transparency designed to persuade or encourage members of the public, who were not sophisticated investors, transferring pension funds into pension schemes which relied on high risk investments.
  • GBT offered contrived and artificial ‘employment’ to members in order to circumvent what was considered to be the guidance at the time requiring the need for members to be employed by the sponsoring employer of the occupational pension scheme. 

    This information is correct as at 5 / 7 / 2018

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