Trustees banned by TPR

29 October 2018

TPR publishes on its website:

“Two men who put pension savers’ money into eucalyptus farms, hotel rooms on an African island and car park bays have been banned from acting as pension scheme trustees.

The Pensions Regulator (TPR) has banned Stephen Alexander Ward (PDF, 417kb, 24 pages) and Anthony Salih (PDF, 425kb, 26 pages)after they allowed millions of pounds of transferred funds held under their trust to be put into exotic, high risk and suspected scam investments.

TPR’s Determinations Panel found that both men lacked the competence and capability to be trustees, and described Mr Ward as reckless and lacking in integrity. Both men were warned that they could be jailed if they act as a pension scheme trustee in the future.

The men were directors of Dorrixo Alliance (UK) Limited, which acted as trustee for the London Quantum pension scheme.”

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