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25 October 2021 | Comment | Article by Neil Stockdale

Forthplus Pensions falls under administration

This week (19 October) yet another SIPP operator fell into difficulties when it was unable to renew its PI insurance.

Forthfplus Pensions (‘Forthplus’), a self-invested personal pension (SIPP) provider appointed Leonard Curtis Business Solutions Group to deal with its administration.

It is reported that Forthplus administered around 2500 SIPPs of a value of around £500million.

The SIPP operator had faced a number of complaints at the Financial Ombudsman Service (‘FOS’) relating to pension transfers and unsuitable investments. The FOS had recently found against Forthplus in several provisional decisions, determining that they had failed to act in the best interests of their clients and failed to prevent advice firms from acting outside of their permissions.

Whilst these decisions had not yet been made final and binding, it is likely that Forthplus would have faced further complaints, in due course.

What of the 140 complaints with the FOS? The FOS has confirmed that it is preparing to refer those cases on the Financial Services Compensation Scheme (FSCS), the industry’s lifeboat fund and fund of last resort. The FSCS can award compensation up to a statutory limit of £85,000 in claims against firms that are no longer able to meet claims against them.

Did you invest through a Forthplus SIPP? You may now have an FSCS claim.

Hugh James’s Financial Mis-Selling team are experienced in the FSCS process having successfully represented hundreds of individuals in their FSCS claims and can help you too. Contact us today for a free, no obligation discussion.

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Author bio

Neil is an elected partner on the firm’s board of management. He is also head of the firm’s financial mis-selling team, specialising in handling claims for financial mis-selling relating to pension mis-selling, timeshare purchase, annuities, mortgages and insurance.
Neil Stockdale

Neil Stockdale

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Disclaimer: The information on the Hugh James website is for general information only and reflects the position at the date of publication. It does not constitute legal advice and should not be treated as such. If you would like to ensure the commentary reflects current legislation, case law or best practice, please contact the blog author.

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