• The Claims Bureau

FSCS Accepting Compensation Claims Against Liberty SIPP

Updated: Jun 4, 2020


The Financial Conduct Authority (FCA) announced on April 28th, that Andrew Poxon and Alex Cadwallader of Leonard Curtis have been appointed as joint administrators due to the SIPPS pension provider Liberty Sipp falling into administration.


As a result, from Liberty dealing with many decisions made against it from the Financial Ombudsmen Service, the firm was advised that it was insolvent based on the number of potential claims relating to high-risk non-standard investments. According to the FCA, Liberty would enter administration, providing protection for creditors plus former customers.


It was reported in August 2018 that the FOS had received just over 500 complaints from Liberty clients who had allegedly lost money after making high-risk investments.


In October 2018, Liberty Sipp Limited business and customer assets were sold to EBS Pensions Limited, part of the Embark Group, which then rebranded the Liberty SIPP as the Option SIPP.


However, the legal entity Liberty SIPP was not part of the sale and retained its liabilities and consequently had to pay out against any complaints using the assets it held.


The Financial Services Compensation Scheme and are now accepting claims against Liberty SIPP and hundreds are expected where customers could receive up to £85,000 if their claims are deemed eligible.


If you have been affected by SIPP Pension services offered by Liberty SIPP Ltd and would like to discuss how we may be able to help give us a call on 01903 868251.


Information in this article was sourced from

https://www.ftadviser.com/pensions/2020/04/28/claims-head-to-fscs-as-liberty-sipp-enters-administration/

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