FSCS declares three SIPP operator firms in default

FSCS declares three SIPP operator firms in default

The Financial Services Compensation Scheme (FSCS) has declared three SIPP operators – Brooklands Trustees Limited, Stadia Trustees Limited and Montpelier Pension Administration Services Limited – in default.

FSCS has received approximately 150 claims against these firms. The claims relate to the way in which these firms established, operated and administered SIPPs through which consumers invested in non-standard investments such as storage pods, oil fields, diamonds and overseas property. The Scheme expects to receive more claims during 2018/19, and as a result forecasts that the funding requirement for investment providers will be £34m for that year.

The FCA previously highlighted concerns in the SIPP market relating to due diligence failings.

How can we help you?

If you want to know if you can get your money back then call us today or complete our contact form.

“A big thank you to Money Redress for getting me compensation on my SIPP claim.
The process was quick and easy.
Again, a big thank you.”

Mr Smallshaw
Wigan