Three directors have been disqualified from acting as directors of any company for their role in pension mis-selling, which took over £44m from would-be investors.

Aiden Henderson, Andrew Page, and Thomas Ward have all been disqualified as directors following an investigation by the Financial Conduct Authority for their part in the mis-selling, which took place between January 2014 and July 2015.

Initially, the mis-selling took place whilst Henderson worked at Henderson Carter Associates Ltd and subsequently when Page and Ward both worked at Financial Page Ltd.

Earlier this year, the Financial Conduct Authority (FCA) prohibited those involved from working in the financial services sector, as well as imposing fines.

However, the Insolvency Service has now confirmed that they are additionally disqualified from acting as directors of any company in any sector, without express permission from the courts.

Following the trial, 10-year Disqualification Orders were made against Andrew Page and Thomas Ward on 30 September 2022, with both bans effective from 21 October 2022.

Shortly after this, on 23 November 2022, the Secretary of State accepted a 10-year disqualification undertaking from Aiden Henderson, effective from 15 December 2022, and ended legal proceedings.

The disqualifications prevent them from directly, or indirectly, becoming involved in the promotion, formation or management of a company, without the permission of the court.

According to the Insolvency Service, all three directors had advised clients to transfer their pensions funds into self-invested personal pensions (SIPPs) but failed to adequately explain that their money was loaned to high-risk investments based in Mauritius, and therefore not subject to regulation by UK authorities.

Both firms involved received referrals through Hennessy Jones Ltd, which had a significant financial interest in the SIPPs, and had also designed the advice process the firms used.

Both firms entered liquidation in 2017, with the Financial Service Compensation Scheme subsequently provided investors with total compensation of £44.1m, although some investors still lost "significant sums" as individual claims are capped.

Commenting on the case, Insolvency Service chief investigator, Rob Clarke, said: “Customers need to be able to have full trust in their financial advisers, and receive proper and complete information regarding the risks to their money.

"Yet each of these directors disregarded the individual financial and personal circumstances of their clients and turned a blind eye to blatant conflicts of interest, preferring instead to prioritise their own financial gain.

“They have caused hundreds of people to lose money and failed to run their business in line with statutory obligations designed to ensure the provision of objective, independent advice, so they should not be surprised that they are now subject to lengthy bans.”

Share Story: