Operation Hazel
Source: gov.uk (2025-10-01)

The SFO is investigating 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.

In July 2025, the SFO issued charges against six individuals, following an investigation into the transfer of £75 million in pension funds. In August 2025, six individuals charged with fraud and other offences appeared at Westminster Magistrates’ Court. In a hearing at Southwark Crown Court on 30 September 2025 a provisional trial date was set for 5 June 2028.

Case timeline

30 Sept 2025 – In a hearing at Southwark Crown Court a provisional trial date was set for 5 June 2028.

21 Aug 2025 – Six defendants charged with fraud and other offences appear at Westminster Magistrates’ Court.

24 Jul 2025 – SFO announces charges against six individuals. See our press release (https://www.gov.uk/government/news/sfo-charges-six-in-complex-pension-fraud-investigation) for more information.

24 Jul 2025 – SFO closes parts of its investigation concerning the Capita Oak Pension scheme, Henley Retirement Benefit scheme and Trafalgar Multi Asset Fund.

30 Jun 2024 – Second investor questionnaire closed. The SFO continues to contact investors if more information is required.

18 May 2021 – SFO asked investors in the schemes listed above to complete a second questionnaire.

22 May 2017 – SFO investigation announced. SFO asked members of the public who invested in the above schemes between 2011 and 2017 to complete a questionnaire.

See our past press releases under “News” on the SFO’s National Archives page (https://discovery.nationalarchives.gov.uk/details/r/C18071).

Information for investors

Questionnaire

The SFO would like to thank those investors who have already completed the investigation questionnaire, which has now closed. The SFO will contact you if we require more information from you or would like you to provide a witness statement. In the meantime, please retain any correspondence and documents you hold in respect of your any investment that is associated with this investigation.

Contact 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.

Support for victims and witnesses

If you have been impacted by this case and need support, please see this page (https://gov.uk/government/collections/information-for-victims-and-witnesses) for information on support services available to you.

Frequently asked questions

What is the current stage of the investigation?

The SFO closed the Capita Oak, Henley and Trafalgar parts of the investigation in July 2025. The SFO has now issued charges against six individuals, including in relation to SIPPs.

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 xxx@xxx.xx (mailto:xxx@xxx.xx).

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.

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 or other investigations?

Trafalgar Multi Asset Trading Company Limited

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.

Capita Oak Pension Scheme (“COPS”) and Henley Retirement Benefit Scheme (“HRBS”)

We are aware that the Pension Regulator appointed Dalriada Trustees Limited as independent trustee for both schemes. This is independent of the SFO’s ongoing criminal investigation into both the COPS and HRBS schemes and does not impact on our investigation. Investors are encouraged to note Dalriada’s announcements regarding compensation, in particular the sixth announcement (https://www.dalriadatrustees.co.uk/scheme/the-capita-oak-pension-scheme/) (COPS) and fifth announcement (https://www.dalriadatrustees.co.uk/scheme/henley-retirement-benefits-scheme/) (HRBS) in relation to the Fraud Compensation Fund (“FCF”). Dalriada Trustees Limited can be contacted for further information if you believe you may be affected.

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/).