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18 February 2020 | Comment | Article by Neil Stockdale

Guinness Mahon – the latest SIPP operator to go into administration

Yesterday, on 17 February 2020, Adam Stephens and Nick Myers of Smith and Williamson LLP were appointed as joint administrators of Guinness Mahon Trust Corporation Limited (“Guinness Mahon”).

The administrators immediately sold the business and certain assets to Hartley Pensions Limited, the firm that already owns the defunct Berkeley Burke, GPC SIPP Ltd and Lifetime SIPP Company.

This follows complaints in relation to Guinness Mahon’s acceptance of high risk and speculative investments into their SIPPs.

Complaints can now be directed to the industry’s lifeboat fund the Financial Services Compensation Scheme (“FSCS”).

If you invested via a Guinness Mahon SIPP and have lost money as a result, Hugh James’s Financial Mis-Selling team can help. Contact us today.

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.

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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