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Norton Victims to get Compensation

After more than ten years, Norton investors who thought they had lost their life savings will be compensated – £9.4 million will be paid out by the Fraud Compensation Scheme. It’s been a long wait for more than 200 people who in 2012 and 2013 transferred money from their existing retirement plans into three Norton pension schemes set up by Stuart Garner – Dominator 2012, Commando 2012 and Donington MC – of which he was the sole trustee. Unfortunately, the funds vanished, being invested directly into Norton itself when the company’s well publicised revival hit financial problems.

Despite receiving information about the missing money during 2013, it wasn’t until 2017 that the Pensions Regulator began to investigate. Norton went bust in 2020 and Stuart Garner was given an eight-month prison sentence in March 2022, suspended for two years. He was disqualified from directing a company for three years.

Dalriada, the trustee appointed by the regulator in 2019, said it was still establishing how much each investor was owed – it might be November before they receive any money, but at least the end is in sight. As for Norton, that seems to have finally found a more substantial owner in TVS of India.

Jim Freeman, Chair of the BMF, welcomed the news of justice for the Norton investors: “About time. Personally, I think Garner got off ridiculously lightly, exploiting good will and nostalgia, exploiting pension rules recklessly. They’d have all been better off buying Lamborghinis, probably. TVS is still in the business of creating astonishingly expensive toys, I believe they’ve sold at least one and that customers are not advised to rev them too hard, according to my ‘grapevine’. I wonder why? They look pretty though, don’t they? ”

Written by Peter Henshaw

Top image courtesy of Norton Motorcycles