The director of a professional trustee firm is being prosecuted by The Pensions Regulator (TPR) for failing to provide information and documents requested as part of an ongoing investigation.
The regulator said Michael Woolley was asked to provide information about investments made by company Southbank Capital, of which he is both a director and a shareholder.
It said the investments relate to money and/or assets originating from 16 pension schemes for which PIM Trustees is the trustee. It is understood Woolley is also the sole director and a shareholder of PIM Trustees.
The regulator has accused Woolley of failing to comply with a notice issued on 22 January under section 72 of the Pensions Act 2004 that required the information and documents to be provided by 12 February.
He has been summonsed to appear at Brighton Magistrates' Court on 13 November to face a charge of neglecting or refusing to provide information and documents, without a reasonable excuse, when required to do so under section 72 of the Pensions Act 2004, contrary to section 77(1) of the act. The offence is triable only in a magistrates' court but is punishable with an unlimited fine.
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