CPPT Services Ltd
In default 23 September 2019
You might be eligible for compensation
CPPT Services Ltd (CPPT) entered into a Company Voluntary Arrangement (CVA) in August 2017.
FSCS is accepting claims against this firm.
CPPT Services Ltd operated the CTTP SIPP. Since January 2018 FSCS has received a number of claims against SIPP operators, including CPPT. The CPPT claims show that some of its customers were advised by unauthorised firms to transfer existing pensions into the CTTP SIPP.
After the pension transfer, customers had their pension funds placed in high risk, non-standard investments. Some of these have since become illiquid, which means they can’t currently be sold or traded.
For FSCS to be able to pay your claim we must prove that CPPT failed in its due diligence - in other words, did CPPT do certain checks on the non-standard investments that would hold its customers' pension funds, before accepting them into its SIPP investment portfolio? Did it make sure they were appropriate for a SIPP, and did it identify any potential issues with them? Also, if it did identify potential issues, did it tell the customer?
There are currently civil claims cases against SIPP operators underway in the High Court regarding their due diligence requirements. The outcome of these court cases will affect whether we can pay a claim against SIPP operators like CPPT.
If you think that you’ve got a claim CPPT Services Ltd, click the ‘Check if you can claim’ button to start the process.
FSCS is free to use and you don’t need to use a representative to make a claim. If you claim with us directly you will receive 100% of any compensation due.
See our investment compensation limits and their conditions on our Investments page.
12 Aug, 2019
Claims made against CPPT that relate to the firm’s due diligence have now all been moved to our claims processing teams for assessment.
31 Jul, 2019
FSCS has now finished its investigations into the practices of CPPT. Our investigations focussed on the level of due diligence CPPT carried out prior to allowing customers to make specific investments under their pensions. FSCS has determined that protected claims exist against CPPT.
FSCS is finalising its approach to processing claims against CPPT and those already submitted against the firm will shortly be passed to our claims processing teams for assessment.
03 Jun, 2019
Although FSCS is accepting claims against CPPT Services Ltd, claims have not yet been passed to our claims processing teams for assessment. Firstly, we need to establish whether there are protected claims against CPPT. For this to happen we need to know that CPPT owes a civil liability to customers that would enable them to sue the firm in court.
FSCS is investigating the practices of CPPT, specifically seeking to establish what levels of due diligence were carried out by the firm, prior to permitting customers to make specific investments under their pensions.
FSCS has been working closely with FCA and the CVA Supervisor to obtain documents that demonstrate the level of due diligence carried out by CPPT. We're also working with legal counsel so that we can determine whether protected claims exist. Once these investigations are complete we'll begin assessing claims.
We hope to have finished our initial investigations before the end of July 2019. Once these investigations are complete we'll begin assessing claims. At this time a further update will be made to our website.