FRC launches probe in connection with Guinness Peat schemes
The Financial Reporting Council (FRC) has launched investigations into the conduct of a number of individuals involved with various Guinness Peat pension schemes between 2004 and 2012.
The watchdog said the probe will focus on the conduct of a number of actuaries or accountants overseeing the schemes between 2004 and 2012.
Guinness Peat was an investment vehicle which took the name of one of its subsidiaries and became Coats Group in March 2015.
The FRC inquiry was prompted by a referral from the Institute and Faculty of Actuaries (IFoA) regarding matters arising from The Pension Regulator's ongoing investigation into the group's pension scheme arrangements, which was launched in 2013.
A spokesperson for Coats said: "Coats has recently been made aware of an investigation launched by the FRC into the historical conduct, between 2004 and 2012, of one or more persons in connection with the pension schemes of various companies with Guinness Peat Group.
"We understand that this investigation relates solely to a person or persons governed by the FRC's disciplinary scheme, none of whom are currently employed by Coats Group.
"We have no further information on the investigation at this time and are not in a position to comment further."
The FRC said it could not provide any further information until the investigation is concluded.
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