The self-invested personal pension (SIPP) operator, Corporate & Professional Pensions (Corporate & Professional), has gone into administration.
On 1 February 2022, the Financial Conduct Authority (FCA) confirmed that the directors appointed Adam Stevens and Nick Meyers of Smith & Williamson LLP as joint administrators.
The Financial Conduct Authority’s (FCA) website states:
‘Corporate & Professional has sought professional insolvency advice and as a result the directors recognised it was insolvent and no longer able to operate outside of an insolvency process.
This was a result of the firm being unable to pay Financial Ombudsman Service final decisions related to the due diligence completed by the firm prior to taking on some pension investments.’
The FCA have confirmed that the administrators will be writing to clients of Corporate & Professional within the next seven days to explain what this means for them and what action they should take.
The administrators have also confirmed that all Corporate & Professional customers should remain alert to the possibility of fraud and should contact the administrators if they receive a cold call from someone claiming to be from Corporate & Professional, Smith & Williamson LLP or any other company claiming to be involved in the Corporate & Professional administration.
The Financial Services Compensation Scheme (FSCS) will now investigate whether there are any claims that meet their qualifying conditions for compensation. The FSCS which is the industry’s lifeboat fund, protects consumers when authorised firms fail. The FSCS can pay up to £85,000 where claims are eligible under their compensation rules.