By Steve Conley, Academy of Life Planning
In the unfolding scandal of UK pension mismanagement, few names appear as frequently, and with such unsettling consistency, as deVere Group and its founder, Nigel Green. While headlines have focused heavily on QROPS abuse, what is now becoming evident is that Green’s and deVere’s influence extends far beyond overseas transfers and into the heart of UK domestic pensions via collapsed schemes like Hartley Pensions and failed intermediaries like Brite Advisors.
A series of documents recently brought to light—including reports by PwC, judicial records, and ongoing investigations—paint a picture of calculated opportunism, regulatory arbitrage, and transactions that walk a thin line between legal and illicit. These revelations call for urgent parliamentary scrutiny and public exposure.
The Hartley Pensions Collapse
Hartley Pensions, a UK SIPP provider and subsidiary of Wilton Group, collapsed in July 2022 following serious warnings from the Financial Conduct Authority (FCA). More than 17,000 UK pensioners were left in limbo with over £2 billion in assets frozen. A high court case revealed allegations that Wilton’s director Tony Flanagan misappropriated more than £25.8 million, backdated documents, and used funds from politically exposed persons to plug holes in pension shortfalls. These allegations were described in forensic detail by court-appointed administrators and covered in depth by The Sunday Times.
Among the documents presented in court were two audit reports by PwC on Wilton’s Isle of Man subsidiary. PwC found breaches of anti-money laundering (AML) regulations, including expired or illegible customer due diligence, incomplete sanctions checks, and an overall risk culture described as “high risk without appropriate controls.”
The deVere/Wilton Connection
In a March 2023 report to the Isle of Man Financial Services Authority, PwC confirmed that on 22 April 2022, £2 million from deVere Group and £3 million from Nigel Green were received into Wilton’s client bank accounts. These funds were linked to a share purchase agreement for 5.7 million Wilton shares—a deal that was abruptly reversed less than two months later. By 15 June 2022, the full £5 million had been returned. No evidence was found that this transaction was disclosed to regulators as required under the Rule Book.
This brief but highly suspicious financial entanglement occurred just weeks before Hartley Pensions’ collapse. The question it raises is not just why this deal was made, but what it was intended to achieve. Was this an attempt to consolidate influence over a failing scheme? Or a reputational hedge to distance deVere from an impending implosion?
At the same time, South Africa’s Financial Sector Conduct Authority disbarred Nigel Green and fined Brite Advisors for breaches involving “honesty and integrity.” The timing of these developments further clouds the legitimacy of deVere’s activities.
Reputation Laundering and the FCA Badge
deVere has long been criticised for acquiring FCA-regulated firms, like WPS Advisory, to gain a veneer of regulatory legitimacy. In one instance, deVere claimed to be the lead adviser on MPs’ pensions—a statement later debunked and retracted at the demand of the UK Parliament Press Office. Yet remnants of these promotional materials still linger online, authored by Nigel Green himself.
This pattern of attaching to authorised firms and then leveraging that association globally is a form of reputation laundering. It allows overseas branches and unregulated activity to be seen through a distorted lens of trust.
What Needs to Happen Next
Given the scale of what has been described—from QROPS abuses to the Wilton/Flanagan misappropriations, to Brite’s regulatory breaches and Hartley’s collapse—it is time for:
- A full independent inquiry into the financial network surrounding deVere Group, Hartley Pensions, Wilton, and associated individuals.
- Cross-jurisdictional regulatory alignment to stop firms from gaming the gaps between UK, Isle of Man, South Africa, and other financial authorities.
- Reform of FCA oversight powers to ensure that acquiring a regulated entity cannot be used as a shield for global malpractice.
- Support and compensation pathways for the victims still locked out of their life savings.
Conclusion
This is not about vilifying individual firms. It is about exposing patterns of regulatory evasion and holding those responsible to account. Thousands of UK pensioners are paying the price for a system too easy to game and too slow to act. It’s time we fixed that.
Sources: PwC IoM reports to the Isle of Man FSA (2023), The Sunday Times (11 May 2025), UK High Court filings, South African FSCA disbarment orders, and court exhibits filed in Hartley Pensions litigation.
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