What should adviser firms do when a SIPP provider goes bust?

A port in a storm

clock • 7 min read

When a SIPP provider goes bust, the best-case scenario for affected clients is worry and inconvenience. But the worst case could see them instructing solicitors and taking a claim to the FSCS. So, what is the role of an IFA?

Earlier this month, Corporate & Professional Pensions, a SIPP operator, entered administration, because, according to the Financial Conduct Authority (FCA), it was unable to pay final Financial Ombudsman Service (FOS) decisions relating to due diligence on some of its pension investments. It is a familiar tale, one that has been told repeatedly in the last few years. The number of self-invested personal pension (SIPP) providers collapsing because they have allowed esoteric investments onto their books shows no sign of slowing down. According to the latest FOS data, pension and investm...

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