Capita Oak Pension and Henley Retirement Benefit Schemes, Self-Invested Personal Pensions and Trafalgar Multi Asset Fund

Operation name: HZL02 – HAZEL – [email protected]

The Serious Fraud Office is investigating the Capita Oak Pension and Henley Retirement Benefit schemes and Self-Invested Personal Pensions (SIPPS) sold through Sycamore Crown Ltd, Jackson Francis Ltd, TPS Land, CLP Brokers or PFR Services, which were invested into storage pods. The investigation includes the Trafalgar Multi Asset Fund which invested in other products.

Over two thousand individual investors are thought to have been affected by the alleged fraud, all of which involved the investment of their pension funds. The amounts invested total approximately £120m.

Please note the SFO is unable to provide any further comment as the investigation continues.

Contacted by companies offering compensation or redress

You may be contacted by companies that approach you with offers of compensation or redress. The SFO believes this may be an attempt to obtain upfront fees or personal details from you. We urge caution if contacted in this manner and advise not providing any personal details unless you are fully satisfied of the identity of the person you are speaking to.

Investors updates

1 July 2024 – On 18 May 2021, the SFO asked investors in the schemes listed above to complete a questionnaire to be considered as a witness. The SFO would like to thank those investors who have taken the time to complete this detailed questionnaire. The questionnaire closed on 30 June 2024. The links below to the questionnaire are no longer active. We will contact you if we require more information from you or would like you to provide a witness statement. Please see the Investor Frequently Asked Questions section below for additional information about our investigation, when you should contact the SFO and what you should do with documents relating to your investment.

16 August 2023 – More information about our investigation, contacting the SFO, and your investment can be found in the Investor Frequently Asked Questions section below.

18 March 2022 – Investigations are still ongoing with this case. Information on support services and organisations offering advice on financial matters can be found on our webpage – organisations offering information, support and advice . If you would like more information on support services please contact the Victim and Witness Care Team at [email protected]. 

2 September 2021 – Investors continue to be invited to complete a secure on-line questionnaire, details shown below.

18 May 2021 – As part of our ongoing investigation, investors are invited to complete a secure on-line questionnaire which you can access by clicking on the following link: https://www.sfo.gov.uk/download/hzl02-questionnaire/. Please note that even if you have already completed our previous questionnaire, we would ask that you also complete the new version.  After downloading the questionnaire, please SAVE it immediately before completing any of the fields and then SAVE it again BEFORE submitting your completed questionnaire. Failing to save the questionnaire may result in some of the data you entered being lost. After saving your completed questionnaire, can you please upload it to the SFO by using the following URL: https://sfohzl.egressforms.com/. Uploading your completed questionnaire via this method provides end to end encryption of your personal data.

If you did not invest in any of the schemes mentioned, or if you do not wish or are unable to assist the SFO with this investigation, you are invited to complete a secure on-line Opt-Out form: https://www.sfo.gov.uk/download/hzl02-opt-out-form/. 

See the full letter to investors here.

31 March 2021 – The investigation into these schemes is ongoing and being progressed whilst social distancing measures are in place. The SFO would like to thank those investors who have completed our investigation questionnaire. Please retain any correspondence and documents you hold in respect of your investment. On 30 March 2021 the case team started contacting known investors who have yet to fill in a questionnaire. Those who indicate they wish to complete one will be provided with an online link to do so. Hard copies can be provided on request. If you believe you are a victim in this case and you have not heard from the SFO by 30 April 2021, please email us at [email protected]

10 December 2020 – The investigation into these schemes is ongoing and being progressed whilst social distancing measures are in place.  The SFO would like to thank those investors who have already completed the investigation questionnaire. Please retain any correspondence and documents you hold in respect of your investment.

Investor Frequently Asked Questions

Status of the investigation

What is the current stage of the investigation?

The SFO’s investigation remains ongoing.

How long will this investigation take?

The SFO takes on only the most complex cases of economic crime. Our investigations involve reviewing large volumes of potentially evidential material and working across multiple jurisdictions, meaning they can take a number of years.

Evidence and contacting the SFO

When should I contact the SFO?

If we need to speak with you, we will contact you directly. Please only contact us if your personal contact details have changed and you need to update these, or if you do not wish to be contacted further by the SFO. You can do this by contacting [email protected].

What should I do with documents relating to my investment?

Please retain ALL documents, including both hard copy and electronic correspondence you have in relation to any investment(s) associated with this investigation, and make sure to keep this material safe. If we would like to review this material, our case team will contact you directly to arrange a secure way of collecting this from you.

Information on Liquidation proceedings

As a creditor, am I likely to get money back from the liquidators?

The liquidators, as part of their statutory duty, may distribute monies to creditors as assets are sold and funds raised. Creditors are considered to be any business or individual left with unpaid debt due to a company’s collapse.

Is the SFO involved in any civil proceedings?

We are aware of recent civil court proceedings between the liquidators of the Trafalgar Multi Asset Trading Company Limited and others. This is independent of the SFO’s ongoing criminal investigation into the Trafalgar Multi Asset Fund and does not impact on our investigation. Doran and Minehane are the liquidators for the Trafalgar Multi Asset Fund and they can be contacted for further information if you believe you may be affected.

Recovering your investment

Will I get all my investment back?

In the event that individuals are charged and convicted, the SFO aims to recover the proceeds of crime so victims can be compensated for their losses where possible. It is important to note that we may not be able to recover all losses and any monies paid as compensation will be paid incrementally as assets are realised.

Please note that any compensation or pay-outs already received would be taken into account.

Monies may be paid out by the liquidators if you or your pension fund is listed as a creditor. Please check with the relevant liquidators.

If you made your investment through a registered Independent Financial Advisor (IFA) you may be able to make a claim through the Financial Services Compensation Scheme (FSCS). Please visit the Financial Services Compensation Scheme website for more information – www.fscs.org.uk.

Should I be sharing my information with other investors?

We appreciate that there are a number of investor support networks and groups available online. The case team advises you do not share any personal information on these forums as fraudsters may be able to obtain these details and use this information to target you. This can also prejudice the investigation and may compromise you as a witness.

For more information, please visit Get Safe Online (https://www.getsafeonline.org/).

Support and further information

Money Helper is a government-backed service offering free, clear, and impartial personal guidance for all of your money and pension choices. Please see www.moneyhelper.org.uk for more information.

Where can I get support?

Please follow the link to our support services information.

Organisations offering information, support and advice – Serious Fraud Office (sfo.gov.uk)

If you would like the SFO to make a referral for you to your local Police and Crime Commissioner’s victim support service please contact our Victim and Witness Care Team on [email protected].