Kelly and Reilly were also ordered to pay £29,510 and £24,510 respectively, after TPO found they charged and accepted excessive fees for their services as trustees.
They were also found to be acting in breach of trust by “failing to report matters to TPR promptly, or even to investigate whether they had a duty to do so, as soon as reasonably practicable after becoming aware of certain investments made and issues that existed in relation to the scheme,” the decision stated.
Not complying with TPR’s code of practice amounted to maladministration, the TPO added.
Arter said: “The trustees have committed multiple breaches of trust and acts of maladministration, (…) which have caused the loss of scheme funds and will have impacted severely on scheme members’ pensions.”
The determination has been shared with TPR and the respondents have 28 days to comply with the decision.
Any payment of monies concerning the recovery of the losses will be paid to the scheme for the benefit of all the members, TPO added.
maria.espadinha@ft.com
