View more on these topics

FSCS seeks clarity on Sipp provider claimants’ high-risk investments

The Financial Services Compensation Scheme says it is still assessing the investments contained in Lifetime Sipp Company’s book.

In an update to Money Marketing today, the lifeboat fund points out it has 450 claimants who are waiting for their claims to be processed.

The FSCS says in all claim cases the product-type is a Sipp and while it is unable to confirm the investments within them, they are non-standard and high-risk in many cases.

Once it has further clarity about those investments the FSCS hopes to devise a process with the administrators to resolve any issues. It will then be able to declare the firm in default. In the meantime the claims are on hold

A 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.

The FSCS has clarified the 3,600 unsecured creditors are separate from the 450 claimants who should have their claims handled within six months once Lifetime Sipp is declared in default.



A day in the life of an SJP adviser

Lifting the lid on an advice network that continues to make waves “Infamous”, “fascinating” and “bizarre” are just a few of the words Money Marketing hears when the topic of conversation turns to St James’s Place. The Gloucestershire-headquartered advice network is home to almost one in every six advisers across the UK and is expecting […]


Platform moves to monthly flat-fee model

Flat-fee platform Interactive Investor is replacing its quarterly charge with a monthly one to expand its membership options. Three service plans will be available from 1 June at a cost of £9.99, £13.99 or £19.99 per month. The least expensive plan ‘Investor’ is £2.01 cheaper than the previous quarterly cost charged to II customers. Chief […]


Quilter to add 400 advisers with Lighthouse acquisition

Quilter is set to grow its adviser base by another 400 advisers after agreeing a deal to buy national firm Lighthouse for £46.2m. Quilter’s network Intrinsic already has 3,500 avdvisers, including 1,600 restricted financial planners, and it is also the parent company of national Quilter Private Client Advisers. In a stock exchange announcment this morning […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm