Norton Pensions Ombudsman Decision
24 June 2020
Chair of the Work and Pensions Committee Stephen Timms has written to the Pensions Regulator following the Pensions Ombudsman's decision to uphold the complaints relating to the Norton Motorcycles pensions schemes.
The letter asks for details of any work being carried out by the Regulator following the ruling, including on other reports of conflicts of interest, and whether there will now be a review of the regulation of schemes with similar characteristics.
The Pensions Ombudsman concluded that Trustee Stuart Garner acted ‘dishonestly' and in breach of his duties relating to the three schemes. He has been ordered to return the money from the schemes he used to invest in Norton Motorcycles.
Responding to the decision by the Ombudsman to uphold the complaints, Rt Hon Stephen Timms MP said:
“This will be a welcome vindication for those who have lost out—but it has been a long time coming. Mr Garner, whose blunted moral antennae have been so forensically exposed by the Ombudsman, must now comply with this ruling and return their savings immediately.
Any further delay will be all the more painful for savers because concerns about this scheme were being raised as long ago as 2014, but somehow even those alarm bells were not enough to prevent this outcome. This shocking case raises serious questions about the effectiveness of the regulators involved and the protections we have for people who fall victim to pension scams.”
Image: Parliamentary copyright