View more on these topics

Mattioli Woods to administer troubled HD Sipp

Woods: ‘Secure the scheme’s ongoing viability’

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.”


MPC holds interest rates at Mark Carney’s first meeting

The monetary policy committee has voted to hold interest rates at 0.5 per cent with no more quantitative easing at Bank of England governor Mark Carney’s first meeting. Base rate has been held at the same level for more than four years, with the MPC first cutting the benchmark rate to its record-low in March […]

Tony Wickenden: The real points from the Mehjoo court judgment

A few newspapers have reported on the Mehjoo professional negligence case and concluded that the High Court judgment means that a firm of accountants has a duty to advise wealthy clients to avoid tax through schemes.  The taxpayer in this case was a UK resident (Iranian) non-dom. It seems that his accountant, while advising him on […]

Can you put a hat on?

By Sarah Scott, marketing consultant You might think the question in the title is a strange one. Perhaps even more so when you learn that it’s one of several asked as part of an assessment for Employment Support Allowance eligibility in the opening scenes of the 2016 film, ‘I, Daniel Blake’. Daniel is a carpenter […]


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 advice.

    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