Advisers to pay for Berkeley Burke outcome

Greg Kingston, communications director at Curtis Banks, said that if the court case does not go ahead following the administration, it will be a missed opportunity.

Mr Kingston said: “It now appears less likely that the appeal will proceed. From the perspective of clarity I think that some Sipp operators – indeed platforms too - will see that as an opportunity missed. 

“Some statements from the regulator in earlier hearings,effectively trying to retrospectively re-write their requirements, were likely to be challenged in this appeal.”

Tom Selby, senior analyst at AJ Bell, expects there will be similar cases to Berkeley Burke in the future.

Mr Selby said: “It is never good news when a Sipp provider enters administration and the most important thing now is those members affected are transitioned smoothly at what will inevitably be a very worrying time.

“Berkeley Burke isn’t the first Sipp firm to face financial difficulties and I’m sure it won’t be the last. 

“This just rams home the importance of advisers doing due diligence on the provider they choose for clients, as ideally you want the firm to still be there throughout their retirement and beyond.”

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