The Financial Services Compensation Scheme (FSCS) is considering whether it will pay compensation to those invested through the troubled self invested personal pension (SIPP) operator HD Administrators (HDA).
The company was placed into liquidation in June 2012 after the Financial Services Authority (FSA) - now the Financial Conduct Authority (FCA) - had removed HDA's permissions following the arrest of two of its directors for allegations of fraud.
The scheme said: "FSCS is reviewing whether the firm is liable for investors' claims and will need to consider the investigations of other interested parties, such as the administrator and Serious Fraud Office.
"The FSCS will provide a further update as soon as the position is clearer. At that time we will also confirm any claims process for clients of HD Administrators LLP who have not yet made a claim to FSCS."
An FSA investigation into the SIPP operator was launched in March 2012 after investors claimed the firm had defrauded them of £20m through the promotion of unregulated collective investment schemes (UCIS) through a SIPP.
At the end of the year the Serious Fraud Office announced that it was investigating allegations of serious fraud regarding the investments, and the involvement of Arck, a property investment vehicle already in liquidation with which HDA shared directors, HDA and other related companies.
In July 2013 the FCA announced that Mattioli Woods had been appointed scheme administrator of the HD SIPP, taking over from HDA.
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