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Chair of company fined for pension mis-selling to head new education body

The chairman of a company fined £1.12m for pension mis-selling has been appointed by two cabinet ministers to head the government's new drive for more apprenticeships in the private sector.

Simon Waugh, the chairman of AWD De Vere Wealth Management, has been made chief executive of the National Apprenticeship Service by Ed Balls, the Schools Secretary, and John Denham, the Universities Secretary, to lead a big expansion of apprenticeships.

All suitably qualified young people will have the right to apprenticeships by 2013.

A month ago the company was fined by the Financial Services Authority for "serious failings" in advising some 800 people over a 19-month period up to October 2006.

The fine was the largest imposed by the regulator for 5 years. The FSA said that the company mis-sold pension transfers and annuities by recommending unsuitable products to customers who were already covered.

The company has fired a number of sales managers and started paying compensation to customers who lost money.

A spokesman for the Department for Innovation, Universities and Skills said: "We were fully aware of the investigation and satisfied ourselves that Simon was not personally implicated and his personal integrity was not under question. His appointment was made in line with guidance issued by civil service commissioners."

Denham said: "Simon Waugh has a wealth of experience from the private sector and will bring clear leadership and a valuable new eye to the National Apprenticeship Service. Our plans for apprenticeships are truly ambitious."

Balls said: "I welcome Simon to this role and I'm sure he will bring his trademark vision, enthusiasm and drive."

However, Bob Rollings, the negotiations officer for the Public and Commercial Services union, said: "The National Apprentice Service is being formed by the break-up of the Learning and Skills Council, whose staff have been successful in hitting every target. They still don't know the shape or the location of the new organisation and will be deeply concerned that its new head was chairman of a business that failed its customers by mis-selling pensions."

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