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.

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