The Insolvency Service found the directors of financial advice company, Quintillion Asset Management Ltd, had made ‘inappropriate investments on behalf of clients’ as well as making investments from pension funds to benefit themselves. They breached pension agreements by transferring large sums of money into risky investment schemes.
The company entered liquidation in 2012 and owed over £2.4 million in debt, of which £2,262,177 was owed to creditors.
Ken Beasley from the Insolvency Service commented, “Investors who believed that the company was providing professional investment advice to safeguard their pensions have lost significant sums of money. The company’s actions in making high risk investments against the wishes of clients were unacceptable and the directors bear that responsibility”.