TARGET SOURCE MEDIA LTD

PHILIP JAMES HOPKINSON

December 1973

Disqualified from being a director because of their conduct for the period of

8 Years 0 Month(s)

Disqualification starts from

25 June 2021

Improper conduct which resulted in their disqualification

From 01 February 2017 until the date of his resignation on 30 June 2017, Philip Hopkinson (“Mr Hopkinson”) as an appointed director, demonstrated a lack of stewardship or oversight, by causing or allowing Target Source Media Limited (“TSM”) to participate in a wider scheme involving the marketing, operation and administration of an occupational pension scheme which failed to act in the best interests of pension scheme members (“Members”), the operation of which jeopardised the funds of Members in that: - • On 01 February 2017, Mr Hopkinson appointed a third party (“Trustee”) to replace TSM as trustee of pension scheme A (“Scheme A”). Neither Mr Hopkinson as an appointed director, or any representative of TSM, completed sufficient due diligence, met with or corresponded with the Trustee Mr Hopkinson appointed. As a consequence, Mr Hopkinson failed to; o Establish if the Trustee he appointed had the requisite training and skills to act. o Ensure that Members’ funds were invested correctly. o Minimise the risk to Members’ funds. • As at 01 February 2017, Scheme A is recorded as having 2 members rendering it registrable under Section 62 of the Pensions Act 2004 (“Section 62”). The Trustee was required to register Scheme A with the Pensions Regulator (“tPR”) within 3 months of the date that it became registrable. The Trustee failed to register Scheme A, resulting in tPR being unaware of Scheme A. • Between 01 February 2017 and 30 June 2017, Mr Hopkinson caused TSM to admit 13 members to Scheme A, who transferred in pension funds of £217,994, which remained unregistered in breach of Section 62. • Mr Hopkinson together with the Trustee he appointed, was joint signatory on Scheme A’s bank account. Mr Hopkinson has said that the Trustee provided him with their signature on blank payment instructions (“Payment Instructions”) for Mr Hopkinson to complete, sign and date whenever Members’ funds were to be transferred out of scheme A’s bank account. Between 01 February 2017 and 30 June 2017, Mr Hopkinson, on the instruction of a third party (“Instruction Giver”), completed and counter signed the Payment Instructions, authorising the transfer of TSM’s clients’ funds of £205,953 (“Funds”) from Scheme A’s bank account to those of third parties identified by the Instruction Giver. • There is no evidence that the investments against which the Funds were applied (“New Investments”) had been reviewed for suitability for Scheme A’s members by the Trustee. The trustee appointed by the Pensions Regulator (“PR Trustee”) has confirmed that they are unable to identify any realisable assets in the New Investments. No asset recoveries have been made by the PR Trustee in relation to Scheme A. [Revised allegation agreed with inv team 23.10.20, rationale set out in emails here RE_ Target Source Media Ltd.msg 2020.10.23 - note of meeting with investigation team.msg ]