5 September 2022 | Comment | Article by Ria Coleman
Last week on 31 August 2022, Rowanmoor Personal Pensions Limited (“Rowanmoor”) entered into administration, with its directors appointing Adam Stephens and Chris Allen of Evelyn Partners LLP as joint administrators.
Rowanmoor follows the likes of The Lifetime SIPP, GPC SIPP Ltd and Berkeley Burke who entered into administration in March 2018, June 2019 and September 2019 respectively. All of which were facing a substantial number of claims by its customers relating to pension transfers involving high risk, non-standard investments which lost significant value or became worthless.
If you need advice in relation to any of the topics raised in this post, get in touch with our team of experts today.
The Financial Services Compensation Scheme (FSCS), will now work closely with the joint administrators to investigate if there are claims which are likely to meet their qualifying criteria. We also anticipate that anyone who has a claim with the Financial Ombudsman Service against Rowanmoor, will receive confirmation that their claim will be transferred to the FSCS in due course.
The FSCS is the industry’s lifeboat fund or fund of last resort and protects consumers when authorised firms fail. The FSCS can pay compensation up to £85,000 where claims are eligible under their rules.
If you invested through a Rowanmoor self-invested personal pension (SIPP), and have not yet brought a claim, you should consider taking action now.
Our expert Financial Mis-Selling team will be able to guide you through the FSCS process to recover your money and can represent you on a “no win, no fee” basis.