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Sipp provider collapses amid unregulated investment fears

A Sipp provider with links to unregulated investment schemes such as Harlequin has fallen into administration.

The Lifetime Sipp Company have appointed Kingston Smith and Partners as administrators, according to a note on Kingston Smith’s website, with partners Ian Robert and Ryan Davies leading the project.

Robert says their priority is to protect the position of the consumers as best as possible.

He says: “We’ve been in contact with the FCA about our appointment and will continue to keep them informed during the administration. We’re aware there are a number of claims currently with the Financial Ombudsmen Service which will continue.

“Efforts are being made to transfer the administration of the numerous Sipps as efficiently as possible to ensure the minimum disruption and loss to consumers.”

Lifetime Sipp did not disclose why the firm collapsed but documents published on its website show investment history including into failed property scheme Harlequin.

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