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Execution-only Sipp firm goes bust

Warning-Sign-Yield-Slow-Stop-Danger-700x450.jpgEuropean Pensions Management has entered into administration with a sale of the company’s book of business to another Sipp provider being considered.

The execution-only firm applied to the court to start insolvency proceedings under the special administration regime on 21 June.

It has approximately 6,000 customers.

The joint special administrators are Adam Stephens, Finbarr O’Connell, Henry Shinners and Gregory Palfrey of Smith & Williamson.

According to the FCA, the sale of the company’s book of business to another Sipp provider or Isa operator is being considered.

If it is not sold, the special administrators will return as much client money as possible, the regulator says.

If client money is not returned then they may have access to the Financial Services Compensation Scheme, depending on their circumstances.

European Pensions Management, which started operating in 2001, has a partnership with P2P loan provider Ratesetter. According to its website, the company’s chair is Francis Moore and managing director Jean Parr.

European Pensions Management could not be reached for comment.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. ‘If it is not sold, the special administrators will return as much client money as possible, the regulator says.’ Surely they didn’t have access to the client money? They administered the SIPP and were entitled to fees for doing so, but why does their liquidation have an effect on their clients money/assets.

    Then why is the FSCS even being considered. Execution Only – No advice – no FSCS protection surely?

    Wow, am I naive or what?

  2. This is a major shock. EPML was a big SIPP player, not one of the smaller ones. Francis Moore developed the first ever SIPP and was a founder of PPML – one of the biggest SIPP providers until ruined by Capita.

    • Who wants to buy it for a pound and then draw millions out before saying, it wasn’t my fault, it was the bloke who sold it to me, he took even more? Will Capita buy it for 1 pound I wonder?

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