Lack of due diligence meant Mr N lost money in a high-risk Cape Verde property development investment. Rowanmoor was the joint trustee in his SSAS pension scheme.
Who was Rowanmoor?
Rowanmoor Personal Pensions was a Self-Invested Personal Pension (SIPP) administrator and part of the Rowanmoor Group. The firm failed in 2023 after one claim against it was successfully upheld. After closing its doors to new business in 2020, large numbers of claims were submitted to the Financial Ombudsman Service, which deals with complaints between financial institutions and their customers, and which were subsequently transferred to the lifeboat Financial Services Compensation Scheme (FSCS). The FSCS expected to pay £124 million in compensation to investors.
What is a Small Self-Administered Pension Scheme?
+ −A Small Self-Administered Scheme (SSAS) is a pension scheme designed for a group of employees to enable them to build up a pot of money. It is run by trustees (usually also the members of the scheme) and offers more flexibility than other pensions. It can, for example, be used to purchase the company’s premises and then lease it back to the business. Usually, an employer sets up the scheme for senior executives or company directors and, upon retirement, the members can take a 25% lump sum and the remainder as income.
Mr N’s case
+ −At the end of 2015, Mr N was contacted by an unregulated ‘introducer’. He was advised to open a Small Self-Administrated Scheme (SSAS) with Rowanmoor and invest in a hotel development in Cape Verde.
Mr N was the only member of his SSAS, with Rowanmoor Trustees Ltd acting as a joint trustee. Rowanmoor Trustees Ltd was another member of the Rowanmoor Group. The 25% share in a building plot in Cape Verde (plus fees) cost £56,732, which Mr N funded through a pension transfer. In time, he realised that the investment did not generate adequate returns and was illiquid. He was worried that he had lost his pension fund, so he complained to the Pensions Ombudsman about the scheme he was invested in.
Mr N’s case with the Pensions Ombudsman
+ −The Pensions Ombudsman is a government-backed, independent body established to settle pensions disputes. It can investigate complaints about how workplace and personal pensions are run, including where appropriate, awarding compensation.
The Pensions Ombudsman looked at Mr N’s case and upheld his complaint against Rowanmoor Trustees Ltd in their role as a joint trustee of the SSAS. It did not uphold the complaint against Rowanmoor as administrator of the scheme.
The Ombudsman, Dominic Harris, said that Rowanmoor had allowed the SSAS to invest most of its assets in an unsuitable, high-risk, speculative investment which did not align with Mr N’s intentions. He said that ‘no reasonable trustee’ would have allowed the investment to go ahead and Rowanmoor was ‘in breach of the standard of care’ owed to Mr N.
Mr N’s investment was effectively worthless, and Rowanmoor’s actions were found to be a breach of duty and maladministration. Rowanmoor was ordered to pay back the money Mr N lost from his pension due to transferring to the SSAS and to pay him £1000 for the ‘distress and inconvenience’ caused.
TLW Solicitors’ view
+ −Sarah Spruce, Legal Director, said of the Ombudsman’s decision:
“Mr N lost a significant proportion of his pension pot, jeopardising his retirement plans. He took his complaint to the Pensions Ombudsman and argued that Rowanmoor, as a trustee of the SSAS, should not have allowed the investment in the Cape Verde hotel to take place.
My specialist financial mis-selling colleagues at TLW are already helping many clients who have lost out following the actions and subsequent failure of Rowanmoor, The Resort Group and associated businesses. It is encouraging to see that Mr N was able to obtain suitable redress. As this case demonstrates, getting the compensation you are rightfully owed can be a complex process, with various different avenues to follow. For this reason, it is important to have industry specialists at your side who are familiar with the correct information required to make and accurately value a claim, as well as keep up the momentum and pressure during the claims process.
For these reasons, even if you or a loved one have previously made a complaint relating to Rowanmoor and it has been rejected, please get in touch as we may still be able to help.”
Pension transfer and investment claims specialists
+ −TLW Solicitors is a specialist consumer and financial mis-selling claims firm. We help a wide range of clients recover the compensation they are due if they have lost out financially because they:
- transferred out of a ‘gold standard’ workplace pension and lost money
- invested in a Self-Invested Personal Pension (SIPP) which was unsuitable for their needs
- received unsuitable investment advice regarding high-risk or illiquid funds
- paid excessive and/or ongoing fees to a financial adviser for services never received
It costs nothing to have us look at your case and advise on what action you can take, including whether you may be eligible to make a ‘no-win, no-fee’ refund claim. This means that if your claim is unsuccessful, we will not charge you for the time we have spent working on it.
Get in touch
+ −If you, a friend, colleague or loved one invested through Rowanmoor Personal Pensions Ltd, or been associated with Rowanmoor Trustees Ltd, and lost money, you may be entitled to compensation. Anyone wishing to bring a claim should do so without delay.
Call us on 0800 169 5925, email info@tlwsolicitors.co.uk or complete one of the forms below.
Time limits can apply, so anyone wishing to bring a claim should do so without delay.
Minimum case values apply.
Meet The Team

Meet Sarah, Legal Director at TLW Solicitors.
Sarah and her colleagues are on hand to help with your claim.