The Lifetime SIPP Company Ltd
Failed 13 June 2019
You might be eligible for compensation
The Lifetime SIPP Company Ltd (Lifetime) was placed into administration in March 2018 and later went into liquidation on the 2 April 2019.
FSCS is accepting claims against this firm.
We’re aware that some Lifetime customers were advised by independent financial advisers to transfer existing pensions into a Lifetime 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 Lifetime failed in its due diligence - in other words, did it 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 The Lifetime SIPP Company Ltd.
We’ve already assessed and paid several customer claims against authorised IFAs declared in default by FSCS, in relation to advice they received to transfer their pension into a Lifetime SIPP.
If you think that you’ve got a claim, 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.
31 Jul, 2019
Claims made against The Lifetime SIPP Company Ltd, relating to the firm’s due diligence, have now all been moved to our claims processing teams for assessment.
14 Jun, 2019
FSCS declared The Lifetime SIPP Company Ltd in default on 13 June 2019.
FSCS has now concluded its investigations into the practices of Lifetime. Our investigations have focussed on the levels of due diligence Lifetime carried out prior to allowing customers to make specific investments under their pensions. FSCS has determined that protected claims exist against Lifetime.
Claims already submitted against Lifetime will shortly be passed to our claims processing teams for assessment.
22 May, 2019
Although FSCS is accepting claims against The Lifetime SIPP Company 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 Lifetime. For this to happen we need to know that Lifetime owes a civil liability to customers that would enable them to sue the firm in court.
FSCS is investigating the practices of Lifetime, 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 the firm’s insolvency practitioner and the FCA to obtain documents that demonstrate the level of due diligence carried out by Lifetime. We're also working with legal counsel so that we can determine whether protected claims exist.
We hope to have finished our initial investigations before the end of June 2019. Once these investigations are complete we'll begin assessing claims. At this time a further update will be made to our website.