Aiden Henderson, 40, Andrew Page, 61, and Thomas Ward, 61, have all been disqualified as directors following their roles in pension mis-selling that took over £44 million from would-be investors.
The mis-selling took place between January 2014 and July 2015, initially whilst Mr Henderson worked at Henderson Carter Associates Ltd and subsequently when Mr Page and Mr Ward both worked at Financial Page Ltd. Mr Henderson and Mr Page were both independent financial advisers, while Mr Ward was found to have acted as a director (although he was not registered as such) at Financial Page Ltd.
Earlier this year, the Financial Conduct Authority (FCA) prohibited them from working in the financial services sector as well as imposing fines.
They are now additionally disqualified from acting as directors of any company in any sector, without express permission from the courts.
The directors all advised clients to transfer their pension funds into self-invested personal pensions (SIPPs) but failed to adequately explain to clients that their money was subsequently loaned to high-risk investments based in Mauritius and therefore not subject to regulation by UK authorities.
Both firms received referrals through Hennessy Jones Ltd, which had a significant financial interest in the SIPPs and had also designed the advice process the firms used.
Financial Page Ltd went into liquidation in July 2017 and Henderson Carter Associates Ltd went into liquidation in February 2017.
The total compensation claim made through the Financial Service Compensation Scheme was £44.1 million, although because individual claims are capped, many investors still lost significant sums.
Following a trial, 10-year disqualification orders were made against Mr Page and Mr Ward on 30 September 2022. Their bans are both effective from 21 October 2022.
On 23 November 2022, the Secretary of State accepted a 10-year disqualification undertaking from Mr Henderson and ended legal proceedings. His ban is effective from 15 December 2022.
The disqualifications prevent them from directly, or indirectly, becoming involved in the promotion, formation, or management of a company, without the permission of the court.
