FSCS receive 662 claims against Sipp firms
The Financial Services Compensation Scheme has recently received 662 claims against self-invested personal pension firms CPPT Services Ltd and Lifetime Sipp.
The claims against the two firms were mainly related to Sipps, pension transfers and pension advice.
Regarding CPPT Services, which operated the CTTP Sipp, they have received 162 claims, 159 of which are in progress with just 3 being rejected.
Claims against the Lifetime Sipp are also being looked at. They appointed Kingston Smith and Partners in 03/2018 to attempt to salvage the company after receiving so many claims. However a month later the firm went into administration.
According to sources the firm started to transfer 40% of its Sipps to another pension firm called Hartley pensions a couple of months ahead of them entering administration.
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What is the claim process?
Each case is different however we will try to outline the process as clearly as possible. We offer pension mis-selling advice to anyone in the UK, covering England, Scotland, Wales, and Northern Ireland.
Call us Free on 0800 825 0800, or fill in the simple request a call back form, or you can email us on email@example.com. Our opening hours are Monday to Sunday 9am to 9pm. We offer a free initial assessment of your pension claim, and act for you on a NO WIN NO FEE basis, to give our clients a piece of mind.
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We will help you to gather the information you need to make a claim
Step by Step Procedure
After you have completed your initial inquiry using our online contact form or over the telephone, we will send you a simple claim form to complete and return to us.
After we receive your documents, you have 14 days to cancel your claim if you decide to do so.
After we have contacted your pension provider or adviser, they have 40 days to provide us with your file. We will then review your file and contact you if we require any clarification.
If we then submit a mis-sold pension plan claim on your behalf, your adviser or provider has eight weeks to respond to this complaint and will sometimes ask for an extension of 2-4 weeks.
After this time, your complaint may be upheld, and you will be paid your compensation. If however your complaint is not upheld, we will present your case to the Financial Ombudsman – we will require further authorization from you before we do this.