Sipp provider sold out of administration to trustee firm

Sipp provider sold out of administration to trustee firm

A self-invested personal pension provider in administration has been sold to Westerby Trustee Services for an undisclosed amount.

Corporate & Professional Pensions Limited appointed joint administrators, Adam Stephens and Nick Myers of Smith & Williamson, last month after it was unable to pay out on Financial Ombudsman Service complaints.

These complaints related to the due diligence it carried out before accepting high-risk non-standard pension investments in its Sipp wrappers.

Today (March 17), the joint administrators concluded the sale of the business to Westerby and the deal included the effective transfer of the Sipps and small self-administered schemes (SSAS).

Westerby is a specialist of trusteeship and administration services for Sipp and Ssas providers with over 25 years’ experience in the financial services industry. It is an independent trustee that offers its own Sipp and Ssas plans.

Stephens, lead administrator, said:  “We are pleased to confirm the sale of the business to Westerby, which will provide continuity of service to CPPL’s clients. We recognise that the insolvency of CPPL may have been unsettling to clients.''

As part of the deal, all staff will transfer across to Westerby which should assist in ensuring that clients will experience minimum disruption in the transfer process. 

Accordingly, the joint administrators and Westerby do not anticipate that there will be any interruption to the services previously provided by CPPL.

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

FTAdviser understands that as of February 14, the FSCS began allowing customers to start a claim application. 

In the FCA’s note last month, it 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.”

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