A claims solicitor has said more self-invested personal pension (SIPP) firms will fail as part of a domino effect, where firms accepted non-standard investments within a SIPP without carrying out “proper” due diligence.
Liberty SIPP entered administration on Tuesday (28 April) following a number of high-risk non-standard investment claims against it. The company was advised to enter administration to protect any creditors, including former customers. The Liberty SIPP business and customer assets were sold to EBS Pensions - part of Embark Group - in October 2018. The Liberty SIPP legal entity was not part of the sale, however. APJ Solicitors solicitor Glyn Taylor said his firm has been acting for 850 clients who had invested into high-risk non-standard investments via their SIPPs. Taylor said Liberty...
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