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SFO arrests three in connection with GP Noble investigation - UPDATED

Kelly Gregor - additional reporting by PP Staff

THE Serious Fraud Office has confirmed three men have been arrested in connection with its investigation into independent trustee firm GP Noble.

The government department said it raided three residential and two business addresses – in Nottingham, Suffolk and Surrey – with the assistance of the Nottinghamshire and City of London Police on Wednesday.

It said three men were arrested, interviewed and released without charge. The names of the men have not been released.

This morning, the SFO confirmed it had started investigating the independent trustee firm after receiving a tip off from The Pensions Regulator – but could give no further details because of the ongoing inquiry.

Money Portal – the owner of GP Noble – said it conducted its own investigation of the conduct of the two executive directors of GP Noble, Gary Cordell and Graham Pitcher, and suspended them from their duties several weeks ago.

In a statement, it said: "We shall do all we can to ensure that justice is done and will cooperate fully both with this inquiry and with the Pension Regulator, whose actions we fully support.

"No further comment can be made whilst this investigation is ongoing."

Last week, Professional Pensions revealed the regulator had removed authority for 29 schemes from the independent trustee firm – an action later confirmed by the regulator (PP, August 14).

In a statement last week, the regulator said: "We can confirm that the Pensions Regulator decided that it was appropriate to suspend GP Noble, and replace them as independent trustee, from a number of schemes.

"This was due to their actions in relation to certain schemes giving cause for concern."

It added: "We can confirm that members’ benefits are not at risk."

PP understands GP Noble’s clients were switched after the Pension Protection Fund raised concerns to the regulator.

SFO arrests three in connection with GP Noble investigation - UPDATED

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