The UK Pension Ombudsman has found Rowanmoor Trustees Limited (RTL) liable for failing in its duties as independent professional trustee of multiple SSAS pension schemes, upholding complaints from members who suffered substantial financial losses through high-risk unregulated investments. The PO apportioned liability 80-20 between RTL and member-trustees in all but two cases where investments proceeded following advice from a regulated advisor with additional expertise. RTL was directed to calculate compensation based on a comparison of pension values, neutralise remaining high-risk investments, and pay £1,000 per complainant for distress and inconvenience.