Corporate & Professional Pensions (CPP), a self-invested personal pension (SIPP) operator, has gone into administration leaving clients in an uncertain position.
The Financial Conduct Authority (FCA) confirmed the move on 1 February and said the directors had appointed Adam Stevens and Nick Myers of Smith & Williamson as joint administrators. The FCA explained: "CPP has sought professional insolvency advice and as a result, the directors recognised it was insolvent and no longer able to operate outside of an insolvency process. "This was a result of the firm being unable to pay Financial Ombudsman Service final decisions related to the due diligence completed by the firm prior to taking on some pension investments." A notice on the FCA web...
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