Allied Dunbar Salesman and Former Police Inspector Allegedly MisSell Pensions to 500+ People

Strategic Insights -

A lengthy investigation by Allied Dunbar into the activities of one of its top salesmen, David Ascough, has revealed that he teamed up with a former police inspector, Colin Milner, to allegedly mis-sell pensions and other investment plans to as many as 500 people. The duo, which included Ascough, a member of the Million Dollar Round Table, blazed a trail of financial controversy across the West Country and beyond. According to documents seen by The Sunday Times, Allied Dunbar believes the duo wrongly advised at least 82 people to opt out of occupational pension plans.

Key Takeaways:

  • Ascough, a top 10 salesman for Allied Dunbar, teamed up with Colin Milner, a former detective inspector, to allegedly mis-sell pensions and other investment plans to 500+ people.
  • The duo wrongly advised at least 82 people to opt out of occupational pension plans.
  • An internal audit identified a further 209 possible missales by Ascough, including "equity releases, undeclared replacements, and unsupported sales".
  • Allied Dunbar has received 257 complaints about other policies sold by Ascough, taking the total possible victims to 548.
  • Colin Venn, vice-chairman of Wiltshire Police Federation, confirmed that 25-30 officers had been wrongly advised to opt out of the police pension scheme by Milner.
  • A significant number of police officers, possibly more than 100, were affected by the alleged missales.
  • Ascough claimed that all his sales were made according to company rules and that he had done nothing wrong.

Statistics:

  • 82 people were allegedly wrongly advised to opt out of occupational pension plans by Ascough and Milner.
  • 209 possible missales were identified by Allied Dunbar's internal audit, including "equity releases, undeclared replacements, and unsupported sales".
  • 257 complaints were made about other policies sold by Ascough.
  • 548 people are estimated to be possible victims of the alleged missales.
  • 25-30 police officers were wrongly advised to opt out of the police pension scheme by Milner.
  • Ascough spent 10 years working for Allied Dunbar before being dismissed in January 1993.

Sources:

  • The Sunday Times, 1994, "Allied Dunbar salesman and former police inspector alleged to have missold pensions"
  • The Sunday Times, 1994, "Allied Dunbar investigates team that sold investment plans to 500+ people"