£130m company, GPC Sipp Limited, has entered administration and FSCS have began receiving claims.
Millions of pounds of claims are on their way to the FSCS as GPC Sipp Limited, formerly known as Guardian Pension Consultants have entered administration.
The company administers assets worth £130m, and administrators Adam Stephens and Henry Shinners of Smith & Williamson are looking for ways to rescue the company with a hope of selling it in order to get the best outcome for its clients.
GPC actually went insolvent due to around 2,700 Sipps holding alternative investments of which, several failed, this includes investments such as Harlequin Properties which was famously known as the luxury hotel development that was never built.
This drained the resources of the company and were unable to continue business as normal whilst focusing on the complaints and eventually had to go into insolvency.
So far, 141 clients of the company banded together to take legal action against the firm, all of which have been compensated by the FSCS.
The FSCS today have released a statement inviting more clients of GPC to come forward with their claim.
If you would like support in making a claim, we have expertise in the pensions area of claims management and would be happy to assist you in making a claim. The Claims Bureau have got the ability to access documentation on your behalf and submit your claim to the FSCS for you.
Visit www.theclaimsbureau.co.uk/pension-claims to find out more information.
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Information in this article is sourced from: https://www.ftadviser.com/pensions/2019/06/12/claims-reach-fscs-as-130m-sipp-enters-administration/?utm_campaign=FTAdviser+news&utm_source=emailCampaign&utm_medium=email&utm_content=