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FOS fields 40 cases over collapsed Sipp provider

The Financial Ombudsman Service has confirmed it is dealing with just under 40 open cases against collapsed Sipp provider Lifetime Sipp.

The Lifetime Sipp Company, which entered administration this month, was found to have links to unregulated investment schemes, and has now appointed Kingston Smith and Partners as its administrator.

Lifetime Sipp has not disclosed why it collapsed but documents published on its website show investment history including into failed property scheme Harlequin.

FOS can only deal with complaints around solvent firms, whereas the Financial Services Compensation Scheme handles claims once companies have gone bust.

The FSCS has not yet formally declared Lifetime Sipp in default, however. Once it has it will be able to start accepting claims.

The FOS confirmed it is working with the FSCS in relation to the future handling of claims over Lifetime Sipp.

In January, the FSCS declared Sipp providers Stadia Trustees, Brooklands Trustees and Montpelier Pension Administration Services in default.

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  1. grand more money to find because of idiots

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