GPC SIPP Ltd
Since 11 June 2019
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GPC SIPP Limited (GPC) was placed into administration on 11 June 2019. FSCS is accepting claims against this firm.
In January 2018, FSCS declared three Self-Invested Personal Pension (SIPP) operators, Brooklands Trustees Limited, Stadia Trustees Limited and Montpelier Pension Administration Services Limited in default. Since then FSCS has received a number of claims against these and other SIPP operators.
SIPP operator due diligence has been an industry ‘hot topic’ in recent years and FSCS is aware that there are a number of pending civil claims in the High Court against various SIPP operators in respect of alleged due diligence failings.
FSCS anticipates that claims submitted against GPC will relate to the SIPP operator's due diligence obligations in allowing customers to make specific investments under their pensions.
We're aware that many GPC customers were advised by independent financial advisers to transfer existing pensions into a GPC SIPP. Following the pension transfer, customers had their pension funds placed in high risk, non-standard investments, many of which have become illiquid.
FSCS has already assessed and paid a number of claims made against IFAs already declared in default by us, in relation to advice customers received to transfer their pension into a GPC SIPP.
17 June 2019
If you already have a claim with the Financial Ombudsman Service (FOS), you don’t need to take any action at the moment. The FOS will be in touch with you shortly to ask permission to transfer your claim documents to FSCS. When we receive your file, we’ll contact you directly to ask you to submit your claim. You won’t need to submit all the original documentation again.
12 June 2019
To consider claims against a failed firm, FSCS must be satisfied that customers have first exhausted any right to claim against any connected firms that are still trading. FSCS understands that FCA authorised advisers may have recommended transfers of existing pensions or investments through a GPC SIPP.
If you were advised by an FCA authorised adviser that’s still trading to transfer your existing pension or to invest through a GPC SIPP, you need to complain to them before FSCS can consider your claim against GPC. If your adviser rejects your complaint, you can take your complaint to the Financial Ombudsman Service (FOS).
If you were advised by an FCA authorised adviser that’s now not trading to transfer your existing pension into or invest through a GPC SIPP, you should firstly submit a claim to FSCS against your financial adviser.
FSCS considers different factors when calculating losses on pension advice (a claim against your financial adviser) compared to SIPP investments (a claim against your SIPP provider). This means you may be eligible to receive more compensation for any losses by claiming against your financial advisor than if you just made a claim against your SIPP provider.
You can check to see whether your financial adviser has ever been authorised by FCA by visiting its website.
Although FSCS is accepting claims against GPC SIPP Ltd, claims will not immediately be passed to our claims processing teams for assessment. Firstly we need to establish whether there are protected claims against GPC. For this to happen we need to know that GPC owes a civil liability to customers that would enable them to sue the firm in court.
FSCS is working closely with the firm’s administrators and is investigating the practices of GPC, 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.
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