£1.4bn SIPP operator Rowanmoor Personal Pensions goes bust

The Financial Conduct Authority (FCA) confirmed the move on 31 August and said the directors had appointed Adam Stephens and Chris Allen of Evelyn Partners as joint administrators. Rowanmoor operates approximately 4,800 pensions, with assets under administration of £1.4bn. The FCA explained: "RPPL received complaints about historic high-risk non-standard assets and for not carrying out adequate due diligence before accepting these assets into customers' SIPPs. "RPP sought professional advice about the liabilities arising from existing and potential complaints. Having done so, RPPL'...