The Lifetime SIPP Company Ltd

Failed 13 June 2019

FRN: 464526

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FSCS's position

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.

In January 2018 FSCS declared three SIPP operators, Brooklands Trustees Ltd, Stadia Trustees Ltd and Montpelier Pension Administration Services Ltd in default. Since then FSCS has received a number of claims against these and other SIPP operators, including Lifetime.

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.

Claims submitted to FSCS against Lifetime relate to the SIPP operators’ due diligence obligations when accepting customers’ investments. Many Lifetime customers were advised by independent financial advisers to transfer existing pensions into the Lifetime SIPP.

Following the pension transfer, customers had their pension funds placed in high risk, non-standard investments, many of which have now become illiquid. FSCS has already assessed and paid a number of customer complaints against IFAs declared in default by FSCS, in relation to advice they received to transfer their pension into the Lifetime SIPP.

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  • 31 Jul, 2019

    Claims made against The Lifetime SIPP Company Limited, 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.

     

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