The Financial Services Compensation Scheme has paid customers of two Sipp providers connected to collapsed discretionary fund manager Strand Capital.
Payments have been made directly to Easy Sipp and The Wise Sipp after the FSCS wrote to customers on 25 June to alert them of the payments.
A statement from the FSCS says for many customers these payments are just the first stage in returning assets to them.
That compensation was paid directly into customers’ Sipps.
An administrator’s report published in January shed light on a host of failings that led to the collapse of Strand, which was put into special administration in May last year.