Self-Invested Personal Pension (SIPP) provider, Liberty SIPP entered into administration on 27th April 2020.
Liberty SIPP Limited was regulated by financial watchdog the Financial Conduct Authority (FCA) who have appointed Leonard Curtis as administrators.
In October 2018 Liberty SIPP sold its business and customer assets to EBS Pensions Limited of the Embark Group. As Liberty SIPP was not part of the sale, it kept all its liabilities, in turn having to face the growing number of Financial Ombudsman Service investigations and findings against it following complaints relating to high-risk investments. Against that background, Liberty SIPP was advised to enter into administration to protect investors and other creditors.
Despite the SIPP provider entering into administration, investors concerned about losing their investment and/or the advice they were given, may still be able to recover compensation for their losses. Where an investment provider goes out of business, compensation claims up to the value of £85,000 can still be made through the Financial Services Compensation Scheme (FSCS).
TLW Solicitors’ view
Reflecting on the entering into administration of Liberty SIPP Limited, Peter McKenna, Partner and Head of the Financial Mis-Selling team at TLW Solicitors commented:
“Liberty is just the latest SIPP company to enter administration as a result of, at least in part, compensation claims which have been made against it for allowing it’s customers to invest in products that were never suitable for them. Many of these customers will have lost tens of thousands of pounds due to being allowed to invest in these high risk and totally unsuitable investments. Unfortunately I doubt that Liberty will be the last SIPP company to enter administration and others will follow.”
Financial Mis-Selling Specialists
Working on a ‘no win – no fee’ basis, TLW’s experienced team can help you through the FSCS compensation process. Our clients are reassured by our knowledge and experience of FSCS procedures and, indeed, we have had FSCS claims successfully upheld for clients whose claims had previously been refused on purely technical grounds.
TLW Solicitors Can Help
If you are concerned about yours, a friend or loved one’s investment in Liberty SIPP Limited, please get in touch with TLW Solicitors today by calling 0800 169 5925, emailing email@example.com. or complete the call back form below. Time limits can apply and so anyone wishing to bring a claim should do so without delay.
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