Mattioli Woods has been appointed to administer HD Sipp, the troubled pension firm linked to the collapsed £60m Arck property investment vehicle.
HD Sipp, which has around 40 active members, has previously been the subject of regulatory scrutiny.
In November, the FSA censured and banned HD Administrators partner Michele King for failing to fulfil her regulatory responsibilities. HD Administrators was the operator behind the HD Sipp scheme.
In March 2012, Money Marketing revealed the FSA had suspended HD Administrators’ permissions, preventing it from operating and paying out any funds.
Many investors used their pension savings to invest in Arck through HD Sipp. Arck entered liquidation last year.
Nottingham Police subsequently arrested two of the HD Sipp trustees. One of the trustees was also a partner at HD Administrators.
Mattioli Woods executive chairman Bob Woods says: “I am delighted to announce our appointment to operate the HD Sipp, which is estimated to have around 40 active members.
“Following on from our appointments to the Freedom Sipp and the Pilgrim Sipp, we have worked closely with The Insolvency Service, the Financial Conduct Authority and HM Revenue & Customs to secure the scheme’s on-going viability following the failure of the previous operator.”
Mattioli Woods, which also acquired Ashcourt Rowan’s pension administration business in April in a deal worth up to £1.3m, has reported a 20 per cent increase in year on year assets under administration from £3bn to £3.6bn.
Syndaxi Chartered Financial Planners managing director Robert Reid says: “I am extremely surprised that Mattioli Woods has the appetite to take on something like HD Sipp, which will inevitably be extremely costly to administer.”