Steven Knight: From Industry Guardian to Bankrupt

Steven Knight once held himself up as a guardian of Gibraltar’s pension industry. He chaired GAPFA, launched a Code of Practice for QROPS, and positioned his company Castle Trust & Management Services (CTMS) as a security trustee for mini-bonds and loan notes.

But the story took a darker turn. CTMS collected trustee fees yet failed to act when defaults hit. Offshore shells like Spellsteal Limited appeared, linked to High Street Group and The Resort Group. Court cases later described “classic pension scams,” and investigations revealed payments flowing to dissolved companies Knight controlled.

By 2025, the cracks were undeniable: £422 million in loan notes tied to CTMS, red flags at Platinum Assets & Developments, and damning court judgments involving sham arrangements, concealed assets, and questionable alliances. Finally, in July 2025, Steven Knight was declared bankrupt in the High Court of England and Wales.

This episode unpacks Knight’s rise and fall, the failures of Castle Trust, and the lessons for loan note holders and pension investors caught in unregulated schemes.

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