FSCS receive 662 claims against Sipp firms

Oct 12, 2019

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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