Trustee companies wound up after collecting £3.5m fees from unauthorised investments

James Phillips
clock • 3 min read

The Insolvency Service has shut down two trustee companies after an investigation found they had failed to seek independent investment advice, comply with their own governance statements, and adhere to regulation.

The two companies, Gleeson Bessent Trustee Services and Gleeson Bessent Trustees, approved investments and offered them to the general public through an introducer and sub-introducer network. Me...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

More on Law and Regulation

Court upholds trustees' right to recover the costs of unsuccessfully defending themselves

Court upholds trustees' right to recover the costs of unsuccessfully defending themselves

Chris Edwards-Earl looks at how a recent Court decision upholds trustee rights to be indemnified from scheme assets

Chris Edwards-Earl
clock 17 March 2026 • 3 min read
GAD unveils factors guidance hub for public sector scheme administrators

GAD unveils factors guidance hub for public sector scheme administrators

Hub brings factors and guidance together in a standardised and consistent way

Jonathan Stapleton
clock 16 March 2026 • 2 min read
'Sludge practices' and 'misuse' of anti-scam rules blamed for transfer delays

'Sludge practices' and 'misuse' of anti-scam rules blamed for transfer delays

Coalition of platform providers calls for fundamental reform of the system

Jonathan Stapleton
clock 13 March 2026 • 3 min read
Trustpilot