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FSCS claims against Sipp firm triple in a month

Many hands reach up to grab piggy bank one holdsClaims against collapsed Sipp provider Lifetime Sipp Company have increased more than three times in just over a month, data provided to Money Marketing shows.

Money Marketing reported on Tuesday the Financial Services Compensation Scheme had received 19 claims against Lifetime Sipp at 30 May.

The lifeboat fund says it has now received 70 claims as at 5 July, which are all under consideration.

The FSCS opened claims against the Sipp provider in April but still cannot give any breakdown about the type or value of claims.

In May, Money Marketing reported administrators Kingston Smith & Partners  estimated compensation claims against Lifetime Sipp were valued at nearly £56m, with potentially more in the pipeline.

Around £22m of claims were from clients who have no insurance, while £34.5m could have insurance.

Kingston also established there were 4,746 Sipps in total on Lifetime’s books that were divided into two tranches of “untainted” Sipps and one tranche of “tainted” Sipps.

There are 1,892 Sipps in the first tranche, 836 in the second tranche and 2,018 in the third tranche.

These tranches were sold to Hartley Pensions in May for £325,000.

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  1. Julian Stevens 6th July 2018 at 4:45 pm

    Another day, another story about more claims on the FSCS in respect of a SIPP (or perhaps investments within one) having failed. If only the FCA had instituted years ago a special permissions regime for regulated intermediaries wishing to sell off-piste investments and stringent DD requirements for SIPPs prepared to accept them.

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