Corporate & Professional Pensions Limited, a SIPP operator authorised and regulated by the FCA, has gone into administration after being unable to pay Financial Ombudsman Service final decisions over due diligence claims.
On 1 February 2022 the directors appointed Adam Stevens and Nick Myers of Smith & Williamson LLP as joint administrators, the UK's Financial Conduct Authority said in a statement on 1 February.
The regulator said Corporate & Professional 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.
The FCA said it had published final guidance for SIPP Operators in 2013 on the due diligence it expected them to conduct.
Following advice from Smith & Williamson, the directors made the decision to place the firm into administration, the regulator said.
