The SIPP arm of Berkeley Burke fell into administration yesterday (18 September) but was immediately sold to provider Hartley SIPP.
A notice from the Financial Conduct Authority (FCA) said the firm entered administration because it could no longer afford to defend redress claims made against it. The claims are linked to the acceptance of high-risk non-standard investments into its non-advised SIPPs between 2010 and 2012. Berkeley Burke SIPPs will be transferred to a new SIPP that has been established by Hartley. However, clients can choose to transfer their SIPP to another registered pension arrangement. Last month, Hartley bought troubled provider GPC SIPP. Why is the business in administration? In 2017 the...
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