Pensions - Articles - Judge fines Director over failure to produce in TPR case

 Michael Woolley, 63, of Oakdene Road, Redhill, Surrey, failed to appear before Brighton Magistrates’ Court today [Wednesday 4 March] after telling the court he had already booked a diving holiday in Cuba.

 TPR has asked for information about investments relating to money and assets from 16 pension schemes as part of an ongoing investigation. TPR has the power to request relevant information and documents under section 72 of the Pensions Act 2004.

 Woolley is the director and a shareholder of Southbank Capital Limited, where the money was invested, and director of PIM Trustees Limited which is trustee for the pension schemes.

 TPR formally requested the information on 22 January 2019. He failed to provide all of the information requested by the statutory deadline of 12 February 2019 without a reasonable excuse.

 The court heard one of the reasons given for his continued failure to provide the information was that he had been busy attempting to qualify for the Fastnet Race – a biennial offshore yacht contest. He had been prioritising leisure activities over provision of the required information to TPR.

 District Judge Tessa Szagun found that, as the sole director, Woolley should have had access to the required information and his failure to provide it tied up TPR’s time and resources.

 Erica Carroll, TPR’s Director of Enforcement, said: “The use of our information gathering powers is essential in our work to safeguard people’s pensions.

 “Anyone refusing to comply with our requests without good reason should take note – they could find themselves in court with a criminal record.”

 Woolley was ordered to pay the money within 28 days.