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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.



FSCS claims against Lifetime Sipp stack up

The Financial Services Compensation Scheme has received 19 claims against collapsed firm Lifetime Sipp Company as at 30 May, data provided to Money Marketing shows. The lifeboat fund opened claims against the Sipp provider in April and says 10 claims are in progress with nine applications underway. The FSCS adds it is not able to share any […]


Adviser to compensate over Lifetime Sipp Harlequin investment

Advice firm Lansdown Place Financial Management must compensate a client who complained about the transfer of their pension into a Harlequin fund through a Lifetime Company Sipp. A Financial Ombudsman Service ruling says Lansdown Place should not have processed the transfer into the unregulated investment. In 2012, Mr T invested £30,000 of his Sipp into Harlequin […]

Hartley Pensions buys collapsed Sipp firm’s asset book

Hartley Pensions has bought the “untainted” assets of the Lifetime Sipp Company, which went into administration earlier this year. An update published today on the website of Lifetime’s administrators Kingston Smith & Partners says Hartley Pensions has also agreed to administer the tainted Sipps held by Lifetime Sipp. The administrator described tainted assets as those where […]


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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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