Day: July 11, 2018

Gleeson Bessent Trustee Services (GBTS) and Gleeson Bessent Trustees (GBT), based in Preston, were wound up in the public interest by the courts in March 2017.

Investigations by the Insolvency Service into the conduct of the directors has led to the four directors giving disqualification undertakings totaling 21 years , which means they cannot run a company directly or on behalf of someone else.

Roger Bessent, of Lytham St Annes, and Tracy Park, of Freckleton, were directors of GTBS, while Roger Bessent, Matthew Bessent, of Preston, and Neil O’Donnell, of Poulton-le-Fylde, were all directors of GBT.

GBTS provided pension trustee and administration services to numerous occupational pension schemes and GBT was the trustee of three of those schemes.

In their undertakings, the four former directors accepted they failed to ensure GBTS and GBT properly performed their roles as a Trustee of the pension schemes and as a result, member’s funds were exposed to greater levels of risk than that specified in standard guidance issued by The Pensions Regulator (TPR).

The former directors accepted six instances of unfit behaviour, including failing to comply with pension legislation and TPR guidance on what is expected of Trustees, as well as operating with a lack of transparency designed to persuade or encourage the public, who were not sophisticated investors, to transfer pension funds into pension schemes which relied on high risk investments.

With bans effective since last November, Roger Bessent is disqualified for 9 years, Tracy Park for 5 years and Neil O’Donnell for 3-and-a-half years.

And more recently, Matthew Bessent was disqualified for 3-and-a-half years effective from 27 June 2018.

Scott Crighton, Group Leader from the Insolvency Service, said:

Companies handling money on behalf of others have a duty to ensure that funds are properly managed.

Directors who fail in these duties will be investigated and removed from the corporate arena for a lengthy period.

Notes to editors

Gleeson Bessent Trustee Services Ltd (CRO: 07235880) was incorporated in April 2010 and Gleeson Bessent Trustees Ltd (CRO: 08207804) was incorporated in September 2012.

In giving their disqualification undertakings, Roger Bessent, Tracy Park, Matthew Bessent and Neil O’Donnell did not dispute that:

• GBTS and/or GBT failed to comply with the terms of the Governance Statement of a pension scheme of which they were Trustee
• GBTS and/or GBT failed to comply with the statement of investment principle (“SIP”) of a pension scheme of which they were trustee
• the Pension Regulator has issued guidance for Trustees outlining responsibilities placed on scheme Trustees and explaining what Trustees need to do in order to comply with the law, the Pensions Act 1995 and the Pensions Act 2004. GBTS and/or GBT failed to comply with that guidance or the provisions of the pension legislation
• GBTS and/or GBT made investments in companies where the accounts and instruments did not reflect the investment made. GBTS and/or GBT failed to carry out their functions as Trustees/administrators by failing to ensure that sufficient share certificates to support investments were received and/or to satisfy themselves that there was sufficient evidence of the existence of the investment
• GBTS and/or GBT operated with a lack of transparency designed to persuade or encourage members of the public, who were not sophisticated investors, to transfer pension funds into pension schemes which relied on high risk investments
• GBTS and GBT offered contrived and artificial ‘employment’ to members in order to circumvent what was considered to be the guidance at the time requiring the need for members to be employed by the sponsoring employer of the occupational pension scheme

For further details on Matthew Bessent’s disqualification click here.

A disqualification order has the effect that without specific permission of a court, a person with a disqualification cannot:

• act as a director of a company
• take part, directly or indirectly, in the promotion, formation or management of a company or limited liability partnership
• be a receiver of a company’s property

Disqualification undertakings are the administrative equivalent of a disqualification order but do not
involve court proceedings.

Persons subject to a disqualification order are bound by a range of other restrictions.

The Insolvency Service administers the insolvency regime, investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver to establish why they became insolvent. It may also use powers under the Companies Act 1985 to conduct confidential fact-finding investigations into the activities of live limited companies in the UK. In addition, the agency authorises and regulates the insolvency profession, deals with disqualification of directors in corporate failures, assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees, provides banking and investment services for bankruptcy and liquidation estate funds and advises ministers and other government departments on insolvency law and practice.

Further information about the work of the Insolvency Service, and how to complain about financial misconduct, is available.

You can also follow the Insolvency Service on:

• Twitter
• LinkedIn
• YouTube

Today, 11 July 2018, HM Land Registry launches its new digital Local Land Charges (LLC) Register. Warwick District Council’s data will be the first to be available. Anyone requiring local land charge searches in the local authority area of Warwick from today onwards will need to get them from HM Land Registry rather than going to the council.

This marks another step in HM Land Registry’s transformation to fulfil its ambition to be the world’s leading land registry for speed, simplicity and an open approach to data. The creation of a new digital LLC Register follows the launch of the first digital mortgage in April. Both mark milestones in using digital technology and data innovatively to provide quicker and simpler services for customers.

Chief Executive and Chief Land Registrar Graham Farrant said:

Buying a house is the biggest financial investment of people’s lives. By centralising and digitising the local land charges information of local authorities in England we are helping to improve conveyancing. Search results from the new register will be instantly available in a standard, easy-to-read format. This is another significant step forward in the Government’s ambition to make the home-buying process simpler, faster and cheaper.

Warwick District Council is leading the way by being the first local authority to migrate their local land charges data to our new register. I look forward to more local authorities joining the central register during the year.

Warwick District Council’s Chief Executive Chris Elliott commented:

As a forward-looking council aiming to provide the best possible service to all of our customers, we very much welcome any measures which will speed up the process of buying a home. Opening up our data to HM Land Registry will be a huge benefit not only to those wishing to purchase a home or land in our district, but also to our busy planning team.

HM Land Registry is working in partnership with up to 26 local authorities in England this year to migrate their LLC data to a central, digital register in a phased approach. Once the data is migrated, anyone will be able to get instant online search results via GOV.UK: Search for Local Land Charges.

HM Land Registry’s business customers can use their existing portal and Business Gateway channels.

HM Land Registry will keep customers informed when each local authority’s LLC records are migrated to the new digital register.

For an overview of the new service, watch our short video.

Creating a national Local Land Charges Register

For more information, read about the Local Land Charges programme.

Notes to editors

1. Most local land charges are restrictions or obligations on a piece of land or property such as listed status, tree preservation orders or notice of a conservation area. A search of these is normally required in the process of buying a home and are essential to mortgage lenders’ understanding of the risks to their loans. Each local authority maintains an LLC register for its administrative area and the records are held in a variety of formats such as paper, electronic and digital. Prices vary considerably, ranging from £3 to £76, and in some areas it can take up to 30 days to deliver the search results. This has led to an inconsistent service for customers depending on their postcode. HM Land Registry’s new digital service will remove those inconsistencies, providing a standardised, digital result.
2. Common obligations protected as local land charges include: planning permissions, listed buildings, conservation areas, tree preservation orders, improvement and renovation grants, smoke control zones and light obstruction notices.
3. Customers will need to continue to submit CON29 enquiries to local authorities. CON 29 enquiries relate to matters such as nearby road schemes or outstanding notices, which may affect a property purchaser’s decision whether to proceed.
4. Over the course of 2018, the following local authorities’ local land charges data will transfer to HM Land Registry: Blackpool Council, Blackburn with Darwen Borough Council, City of London Corporation, Liverpool City Council, London Borough of Lambeth, Norwich City Council, Peterborough City Council, and the Council of the Isles of Scilly.
5. Read about what the service offers for an official search (£15) and a personal search (free).
6. According to HM Land Registry data assessments, there are approximately 25 million LLC records held across England.
7. The Infrastructure Act 2015 makes provision for the transfer of responsibility for Local Land Charge registers from 326 English local authorities to HM Land Registry.
8. HM Land Registry safeguards land and property ownership worth in excess of £4 trillion, including around £1 trillion of mortgages. The Land Register contains more than 25 million titles showing evidence of ownership for more than 85% of the land mass of England and Wales
9. HM Land Registry’s mission is to guarantee and protect property rights in England and Wales. HM Land Registry is a government department created in 1862. It operates as an executive agency and a trading fund and its running costs are covered by the fees paid by the users of its services. Its ambition is to become the world’s leading land registry for speed, simplicity and an open approach to data.
10. For further information about HM Land Registry visit www.gov.uk/land-registry.
11. Follow us on: Twitter @HMLandRegistry, our blog, LinkedIn and Facebook.

The Western Balkans Summit concluded yesterday (10 July) with Prime Minister Theresa May welcoming the six Western Balkan leaders to London, alongside other European figures including German Chancellor, Angela Merkel, and the Polish Prime Minister, Mateusz Morawiecki.

At the Summit, the Prime Minister welcomed the signing of Joint Declarations on Good Neighbourly Relations, War Crimes and Missing Persons by leaders of the Berlin Process. Leaders congratulated Prime Ministers Zaev and Tsipras on securing agreement on the Name Issue. In support of these declarations, the UK will commit to an additional £1 million to help the region address difficult legacy issues.

The Prime Minister also announced at the Summit that the UK will increase its funding to the region to £80m in 2020/21 and will double the number of UK staff working in the region on the security issues affecting the UK and the Western Balkans. This will help prevent crime reaching UK streets and also help strengthen the region’s own response to serious and organised crime, corruption and money laundering. The UK will also invest £1m in the region’s cyber capability.

The Summit was the culmination of preparatory meetings of Ministers of Foreign Affairs, Interior and Security, and Economy and Finance Ministers in Vienna and London.

At the meeting of Foreign Ministers in London on 9 July, Minister for Europe Sir Alan Duncan announced that the UK will commit £10 million to help build digital skills and employment prospects for young people in the Western Balkans.

The funding will see the British Council provide training to children in over 4,500 schools, to bolster digital literacy and core skills across the region. Foreign Ministers also heard directly from young people and civil society groups from the region and congratulated the winners of the Youth Entrepreneurship “Start Up” Games.

Sir Alan also announced a new £4m programme to expand Westminster Foundation for Democracy across the Western Balkans.

In parallel, at the meeting of Interior and Security Ministers chaired by Home Secretary Sajid Javid, Western Balkans ministers signed a Joint Declaration on the Principles of Information-Exchange in the Field of Law Enforcement, committing them to deeper cooperation on tackling transnational serious and organised crime and terrorism.

Participants also endorsed a Franco-German initiative to combat the illicit possession, misuse and trafficking of firearms from the region by 2024 and welcomed the endorsement of the Call to Action to End Forced Labour, Modern Slavery, and Human Trafficking by the Western Balkans. As next year’s hosts, Poland’s Interior Minister Joachim Brudzinski confirmed that their Summit will continue the UK’s security agenda.

At the meeting of Ministers of Economy and Finance in Vienna on 4 July, co-chaired by Sir Simon McDonald, the Foreign and Commonwealth Office’s Permanent Under Secretary and Austrian Minister Schramboeck, Western Balkans’ ministers agreed to deepen regional economic integration.

Further information

• Follow the Foreign Office on Twitter @foreignoffice and Facebook
• Follow the Foreign Office on Instagram, YouTube and LinkedIn