Manx QROPS Firm Calms Fraud Worries

An Isle of Man QROPS provider is reassuring clients the firm is not involved in a fraud inquiry following a raid by HM Revenue and Customs on an associated company in The Wirral, UK.

MW Self Invested Personal Pension Scheme, based in Douglas, Isle of Man, and listed on the HMRC QROPS list of QROPS providers, said the UK company was run independently of the Isle Of Man company but had common ownership, administration and directors

MW SIPP director Dougie Elliot said: ‘The only connection with the Manx companies was common ownership, administration and some directors,’” said Mr Elliott.

“Our main priority has been to protect the interests of the scheme members and ensure a continuity of good service. In view of this the directors who were also on the UK board have resigned from the Manx companies.

“This leaves John Bingham and me as sole directors of the Isle of Man Companies and all assets held by the trustee company are now under our direct control.

“Chris Williams and Philip Moores, who have stepped down from the Isle of Man companies as directors, have built a good reputation and track record over many years, and John Bingham and I believe them to have acted at all times with the highest levels of integrity.

“We look forward to them rejoining the board when this matter is resolved.”

Several people in the UK were arrested and files were seized as a result of the HMRC fraud inquiry, but were released without charge.

MW SIPP said the fraud concerned ‘alleged irregularities in a relatively small number of historic tax reclaims made in relation to SIPPs’.

Customers have had letters explaining the inquiry, said Mr Elliott. He added HMRC had also investigated some independent financial advisors in the UK and that files taken from MW Pensions UK offices had all been returned, except for those relating to the IFAs involved.

Mr Elliott said MW Pensions in the Isle of Man was not connected to the IFAs.

The investigation in the UK, he added, had nothing to do with MW Pensions in the Isle of Man.

Should you have any questions or concerns please do not hesitate to contact us via the contact Qrops Adviser