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Pensions

Gleeson Trustees directors banned over mismanagement

Gleeson Trustees directors banned over mismanagement

Mona Dohle
Wednesday 11th July 2018

The directors of Preston-based Gleeson Trustee Services and Gleeson Bessent Trustees have been banned by the Insolvency Service from running companies  for mismanaging scheme members’ funds.

GBTS provided pension trustee and administration services to several occupational pension schemes and GBT acted as the trustee of three of those schemes, both firms have been shut down by the Insolvency Service in March last year.

Their four directors, Roger Bessent, and Tracy Park, Matthew Bessent and Neil O’Donnell have  faced separate investigations due their role in mismanaging members funds, the Insolvency Service released today.

The directors have been banned among others for conducting investments without documenting those in company accounts, failing to ensure that share certificates had been issued or evidence of the investment was available.

They have also misled members of the public into transferring their pension funds into high risk investment schemes, the Insolvency Service said.

All four directors  accepted that they failed to ensure GBTS and GBT properly performed their roles as a Trustee of the pension schemes and as a result, member’s funds were exposed to greater levels of risk

Roger Bessent has been disqualified for 9 years, Tracy Park for 5 years and Neil O’Donnell for 3.5 years, Matthew Bessent has also been disqualified for 3.5 years.

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