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Pension Trustees - One for Vivatifosi
Kennyboy66
Posts: 939 Forumite
http://www.journallive.co.uk/north-east-news/todays-news/2012/02/09/hugh-mackay-carpets-pension-trustees-condemned-by-watchdogs-61634-30295140/
Jaw dropping.
Basically the 3 trustees put the whole fund into property, bought property where they had a financial interest, milked fees and bonus from the fund.
Banned but no charges.
I'd have thought this would have been near impossible these days (post Maxwell) ?
Jaw dropping.
Basically the 3 trustees put the whole fund into property, bought property where they had a financial interest, milked fees and bonus from the fund.
Banned but no charges.
I'd have thought this would have been near impossible these days (post Maxwell) ?
US housing: it's not a bubble - Moneyweek Dec 12, 2005
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Comments
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I've only just seen this thread so sorry for not replying sooner.
When I first started reading I thought this would only be a small fund for the directors own use and that they would be the ones investing in property. Reading the reality has left me staggered.
What I would want to know is where are the actuaries? Where are the investment advisors? I'm a trustee of a smaller scheme but we have to have these in place along with a review every three years. Owning some property in a portfolio is fine but the whole portfolio? I'm glad they have been struck off but I would really like to know more about the professional advisors. If they did have some acting on their behalf then I want to know what sanctions have befallen them.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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I don't see how the Scheme Actuary or investment advisor at least weren't in breach of their obligation to whistle-blow.0
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