Gleeson Bessent was closed in the ‘public interest’ after ignoring regulations and mis-selling to customers.
The company was based in Preston, Lancashire and incorporated in April 2010. The firms administered nine occupational pension schemes. These included P.S.P Benefit Scheme, Retirement Benefit Scheme and Focusplay Retirement Scheme.
An investigation from the Insolvency Service found that Gleeson Bessent was charging an initial fee of £1645 and a management fee of up to £2500. Across all its schemes, the charges generated over £3.5 million in fees over a nine year period.
There were also several client complaints surrounding financial mis-selling and the company encouraged people to invest in high-risk schemes. However, most of these investors were unsuitable for the level of risk.
The huge charges were not in line with industry regulation and the conduct of the four directors was brought before the courts. They accepted six counts of unfit behaviour. This included failure to comply with pension legislation and financial mis-selling.
The four directors were also banned from running a company for a total of 21 years.
Clients of Gleeson Bessent are now being urged to seek advice as they may have fallen victim to financial mis-selling.
Many of the schemes offered by the firm should have been reserved for those with a good knowledge of pension investments and they should also be able to afford to lose the money they invest due to the high risk nature of the investments.
Gleeson Bessent clients had their life savings put at risk in these schemes, with no other form of income for retirement.
If you invested with Gleeson Bessent, get in touch. Our experts can offer support and advice in getting your money back.