Failed SIPP firm receives 50 FSCS claims

The Financial Services Compensation Scheme (FSCS) started accepting claims for the failed firm in July after it entered liquidation in November 2018. The lifeboat fund has since told PA it has received 50 claims relating to the SIPP provider's failure to carry out due diligence obligations. An example of Pointon York's failures, it said, included failing to carry out any due diligence on the underlying investments held in a customer's SIPP. All claims are in progress and at the earliest stages. In its 2018/19 financial year, the lifeboat fund paid out £123m in SIPP-related claims, ...