Pension Fund Wound Up After Trustee Misconduct

Law360, London (September 3, 2019, 12:49 PM BST) -- A pension fund has been wound up by a court order after its trustees were found to have mismanaged retirement pots holding £14 million ($16.7 million) of savings and could have allowed a convicted fraudster to manage the fund.

Ecroignard Trustees Ltd. committed “numerous instances of misconduct” in its management of two pension funds, the Insolvency Service said.

The trustees of the Uniway Systems Retirement Benefits Scheme and the Genwick Retirement Benefits Scheme invested savers’ money in high-risk and illiquid assets without ensuring the investments were suitable for their members, the agency said after the fund was wound up by the High...

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