Self-invested personal pension (SIPP) provider Forthplus Pensions was placed into administration on 19th October, with many clients in the process of bringing complaints against Forthplus for failures in their due diligence processes. If you wish to bring a complaint now the firm has gone into administration, Return My Money can help.
Forthplus Pensions is a SIPP operator that has been authorised and regulated by the Financial Conduct Authority (FCA) since 2012.
While the company is in administration, it continues to operate and be regulated by the FCA.
Several representative provisional assessments from the Financial Ombudsman Service (FOS) found that Forthplus “had not undertaken adequate due diligence and therefore had not treated its customers fairly and reasonably.”
If you were one of those customers, you may be entitled to claim compensation. As well as claiming on the grounds of Forthplus failing to undertake adequate due diligence, you can also claim for any losses experienced resulting from transferring your pension to Forthplus.
While Forthplus was contesting those assessments, the FOS was preparing to issue final decisions, which were expected to uphold previous complaints and lead to further claims against Forthplus.
Clients should have received correspondence from the administrators outlining the process should they wish to make a complaint.
Clients who have already made a complaint to the FOS should have received correspondence requesting permission to refer their case to the Financial Services Compensation Scheme (FSCS).
Now that Forthplus is in administration, all complaints go to the Financial Services Compensation Scheme (FSCS), which caps claims at £85,000.
The appointed administrators are currently discussing the best course of action with the FCA.
It is likely your pension will be transferred to another FCA regulated SIPP provider; however, clients who are already in drawdown will continue to receive regular payments from the administrators. The administrators are also continuing to accept client contributions into their SIPPs in anticipation of their transfer to another provider.
In the meantime, if you believe your SIPP was mis-sold in any way, or that Forthplus failed in its obligations to you, you can contact us for a free, no-obligation assessment of your potential compensation claim.
There are many ways in which Forthplus’ failure to conduct adequate due diligence could constitute SIPP mis-selling.
Your Forthplus Pensions SIPP might have been mis-sold.
Your Forthplus Pensions SIPP might have been mis-sold.
Do any of these situations seem familiar to you? If so, it’s because your Forthplus Pensions SIPP was potentially mis-sold!
Contact Return My Money today for a free, no obligation review of your Forthplus Pensions SIPP. You’ve got nothing to lose and could be entitled to compensation of up to £85,000.
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