The decision to prosecute comes two years after the regulator’s first intervention, in a case dating back to 2012.

Stuart Garner is accused of breaching employer-related investment rules by investing more than 5 per cent of the assets from each of the three schemes — Donnington 2012, Commando 2012 and Donnington MC, which have 227 members between them — into his Norton business.

The investments, between 2012 and 2013, were made in return for preference shares.

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

Stephen Timms, Work and Pensions Committee

Pensions Expert has reported several times on the Norton case, which caused TPR to launch an internal review of its “approach and response” and “identify if there are further lessons to be learnt”, according to a letter sent by TPR chief executive Charles Counsell to Work and Pensions…

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