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Deputy Pensions Ombudsman determination PO-16266: former trustee director Shroff found dishonest accessory; ordered to repay £9.7m to Uniway and Genwick schemes after conflicted, predetermined high-risk investments

Published on: 20 November 2024

Published by a Law360 reporter
Legal News
Article summary

In a statement dated 18 November 2024, the Deputy Pensions Ombudsman confirmed it had imposed a penalty following a probe by its ‘dishonesty unit’ into Ecroignard Trustees Ltd and one of its ex-directors, Ankur Vijaykumar Shroff. The inquiry examined two pension arrangements for which Ecroignard acted as the appointed trustee—Uniway Systems Ltd Retirement Benefit Scheme and the Genwick Ltd Retirement Benefit Scheme. The determination setting out the Deputy Pensions Ombudsman’s decision bears reference PO-16266. Anthony Arter, the Deputy Pensions Ombudsman, found that the two schemes were established chiefly to channel money into specified, pre-arranged investments...

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