SIPPFeb 2 2022

Sipp provider calls in administrators after Fos complaints

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Sipp provider calls in administrators after Fos complaints

A self-invested personal pension provider has appointed administrators after it was unable to pay out on Financial Ombudsman Service complaints about high risk investments in its Sipps.

The directors of Corporate & Professional Pensions Limited this week (February 1) appointed Adam Stevens and Nick Myers of Smith & Williamson as joint administrators, according to a note on the Financial Conduct Authority's website. 

The provider fell into trouble after it was unable to pay out on Fos final decisions related to the due diligence it carried out before accepting high-risk non-standard pension investments in its Sipp wrappers.

The administrators are now pursuing a sale of the business but will continue to operate existing pensions in the meantime. 

They stated: “We are in advanced discussions with a potential purchaser and we hope to proceed quickly, with the intention to complete such a sale within a short timeframe. It is anticipated that any such sale will involve a transfer of client assets to the new provider or providers.”

The Financial Services Compensation Scheme is not open to complaints against the firm at the moment but said it is investigating whether there are any claims that could be due compensation.

The Fos will contact clients regarding any potential referral of claims to the FSCS.

CPPL provides technical and administrative services to C&P Trustees, which is the corporate trustee of its Sipps and Ssass and has not entered administration.

The client money and assets held in these pensions are held in trust by C&P Trustees.

The FCA warned clients about being targeted by scammers but said they could continue to make regular contributions into their pensions for the time being. 

The FCA stated: “If you are a client of Corporate & Professional and are cold called by someone claiming to be from Corporate & Professional, Smith & Williamson LLP or any other company claiming to be involved in the Corporate & Professional administration, please end the call.”

The administrators are now writing to clients to explain the next steps and the process to make a complaint.

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