The Financial Services Compensation Scheme (FSCS) is facing a number of claims in relation to a self-invested personal pension (SIPP) provider that was found to have failed in its due-diligence of an unregulated introducer.
Brooklands Trustees was held liable by the Financial Ombudsman Service (FOS) for losses totalling £1.6m from clients who had invested their pensions in an unregulated product, which later collapsed, through the company's SIPP. The clients had been referred to Brooklands by FCP Insurance Consultants, which was not authorised to advise on pension or investment business at home or abroad. They invested in the LM Managed Performance fund (LMMP), an Australian property fund that collapsed in 2013. Brooklands Trustees went into administration in July having arranged a 'pre-pack' sale of its...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
