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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 breakdown about the value of claims as these are being assessed but will do so shortly.

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. Gordon Hewitt 3rd July 2018 at 1:27 pm

    Umm, there are 2 tranches, 1 tainted the other untainted, but then there are 3 figures?? And this is from the administrators, who one presumes can add up !

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