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Director and shareholder of Southbank Capital Limited, Michael Woolley, has been handed a £10,000 fine, and ordered to pay a further £2,800 in costs, for failing to hand over information and documents requested by The Pensions Regulator (TPR).

TPR requested that Woolley provide information about investments relating to money and assets from 16 pension schemes. TPR requested this information on 22 January 2019, and Woolley failed to provide information by the deadline of 12 February 2020.

Woolley's reasoning for missing the deadline was his involvement in an offshore yacht race. He then failed to appear at Brighton Magistrates' Court on 4 March 2020, telling the court that he booked a diving holiday in Cuba.

The court concluded that Woolley was prioritising leisure activities above handing over the required information to TPR. He has been ordered to pay the funds within 28 days.

Erica Carroll, director of enforcement at TPR, said: “The use of our information gathering powers is essential in our work to safeguard people’s pensions.

“Anyone refusing to comply with our requests without good reason should take note – they could find themselves in court with a criminal record.”

Southbank Capital Limited was unavailable for comment at the time of publication.

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