Self-invested personal pension provider European Pensions Management has formally entered into special administration regime insolvency proceedings.
According to a statement on the Financial Conduct Authority’s website the firm made an application to the court to formally initiate insolvency proceedings on 21 June 2016, having reached an assessment that it was no longer solvent.
European Pensions Management has approximately 6,000 customers.
Special administrators at the firm are Adam Stephens, Finbarr O’Connell, Henry Shinners and Gregory Palfrey of Smith & Williamson.
The special administrators will contact all affected customers in due course and it is understood that the majority of client money is in place as required, but they will be able to confirm this once their client money assessment is complete.
Additionally, the sale of the firm’s book of business to another self-invested personal pensions operator and instant savings account manger is being considered.
However, if the book of business is not sold, the special administrators will return as much client money to clients as possible, as quickly as possible.
If clients do not have their money returned, they may have access to the Financial Services Compensation Scheme depending on their individual circumstances.
ruth.gillbe@ft.com
