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FSCS declares Lifetime Sipp Company in default

The Financial Services Compensation Scheme has today declared The Lifetime Sipp Company in default.

Lifetime Sipp was placed into administration in March 2018 and later went into liquidation on the 2 April 2019.

The complexity of claims related Lifetime Sipp’s books and led to the FSCS having to spend a lot of time making detailed assessments of what was in them.

report on Companies House from 2 April authored by Lifetime Sipp’s administrators said it was proving difficult to handle 3,600 unsecured creditor claims valued at £56.5m.

The report said it will take “several years” to resolve and the administrators continue to work with the FSCS on the matter.

In a statement from today the lifeboat fund says: “FSCS has now concluded its investigations into the firm’s practices. Our investigations have focused on the levels of due diligence Lifetime carried out prior to allowing customers to make specific investments under their pensions. FSCS has determined that protected claims exist against the firm.

“Claims already submitted against Lifetime will shortly be passed to our claims processing teams for assessment. Around 400 customers are affected.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. 2 Sipp Providers in 2 days found liable and now in default. FSCS payingout on these so Why is the FOS awaiting Carey Pensions & Berkeley Burke decisions before upholding any claims against Liberty. This must surely prove that All Sipp Providers involved in accepting unregulated investments from Unregulated sources are liable.

  2. How is this continuously happening?

    What is the regulator doing before these all enter administration?

    Reactive, not proactive.

    • There was a warning last year that many Sipp Providers would close and that if they believe they may be liable for claims to sell assets. Looks like the Regulator forced Carey Pensions & Liberty Sipp to sell good book and leave toxic crap for FSCS to sort out. Berkeley Burke trying to find buyer now.

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