Corporate & Professional Pensions Ltd

Under investigation 01 February 2022

FRN: 465748

You might be eligible for compensation

Corporate & Professional Pensions Ltd (the firm), is a SIPP operator authorised and regulated by the FCA. On 1 February 2022, the directors appointed Adam Stephens and Nick Myers of Smith & Williamson LLP as joint administrators. 

Further details can be found on the Administrators’ website 

You can also read details on the FCA website 

The FSCS is open to customer claims.  

FSCS is investigating whether there are any claims that meet the qualifying conditions for compensation. As part of this investigation, we're working closely with the Administrators. 

We will also be working closely with the Financial Ombudsman Service regarding claims that have been made to them. The ombudsman service will contact you in due course regarding any potential referral to FSCS. 

The latest news regarding our work on the firm will appear on this page. FSCS will update this page as its investigations progress and will invite claims if it is able to do so. Customers should subscribe to this page to receive the latest updates. 

Latest updates

  • 21 Dec, 2023

    Since our last update, we have continued to move forward our investigation into CPPL. 

    We've carefully reviewed the evidence available from a sample of claims brought against CPPL. We've analysed whether there is enough evidence for there to be valid claims against CPPL. As customers have brought complaints on different bases it has meant the investigation into the Firm’s activities has taken us longer than we had hoped.  

    It may take some more months before we are able to process claims, but we expect to be able to publish a further update in March 2024. 

    We note that our review suggests that some customers who have brought a complaint to CPPL may have received advice to open a SIPP with the Firm.

    We would like to remind customers that (as set out below, 14 Feb 2022 update) FSCS may redirect customers to make claims against advisory firms before considering their claim against a SIPP operator. So, while we finalise our investigation we recommend that customers consider whether they may need to take action in relation to other potential claims first. 

    We thank all customers for their patience while our investigation into CPPL is ongoing.  

  • 28 Feb, 2023

    We’ve received and reviewed all the information from third parties that we need to progress our investigation into CPPL.  

    We’re now carrying out further work to establish whether customers of the failed firm are likely to have claims that may be eligible for compensation under our rules. 

    We’ll publish a further update as soon as we can.  

  • 05 Oct, 2022

    Since our last update, we’ve continued to liaise with third parties and received further information to take our investigation forward.

    Once we’ve reviewed these documents, we hope to be able to decide if the failed firm owes a civil liability to its customers. 

    We’ll update you again as soon as we can. 

  • 22 Jul, 2022

    We’ve been workingcloselywith third parties to gather further information on CPPL’s activities. We’ve recently received information that’s important for us to progress our investigation. This includes documents relating to due diligence carried out by CPPL in respect of various investments, as well as information on non-standard investments held within customers’ SIPPs. 

    We’re now reviewing the information received to determine whether CPPL owes a civil liability to customers. In other words, would a UK court hold the failed firm responsible for a customer’s losses? 

    When we know this we can announce whether there are valid claims against CPPL.

  • 20 May, 2022

    Our investigations into whether there are valid claims against CPPL under our rules are ongoing.  

    Since our last update, we have been liaising with third parties to obtain CPPL’s due diligence and client files. Once we receive this information, we will need to review it to know whether there CPPL owes a civil liability to customers. In other words, that a UK court would hold the failed firm responsible for a customer’s losses.  

    Please continue to check this page, as we will publish further updates when we have more news. 

  • 25 Mar, 2022

    On 17 March 2022, the Joint Administrators of CPPL, Adam Stephens and Nick Myers of Smith & Williamson LLP, completed a sale of CPPL’s business to Westerby Trustee Services Ltd (“Westerby”). 

    Westerby is a SIPP operator and is regulated and authorised by the FCA under firm reference number 463533. 

    Customers with queries about their SIPP or SSAS that was formerly with CPPL should contact Westerby on 0116 326 0183 or via its website.

    The sale of CPPL’s business to Westerby does not affect customers who wish to make a claim against CPPL to FSCS.

    FSCS is accepting customer claims, although we are still investigating whether claims will be eligible under our rules.  

    If you think that you’ve got a claim against CPPL, click the ‘Check if you can claim’ button to start the process.  

     

  • 14 Feb, 2022

    Corporate and Professional Pensions Ltd (CPPL)has failed and was placed into administration on 1 February 2022.  

    FSCS is now accepting claims against this firm.

    Investments and Due Diligence 

    FSCS is currently investigating whether any customers who have submitted claims to us are eligible for compensation under our rules. Until we have finished our investigations, we cannot say whether we will be able to pay claims against CPPL

    FSCS and the Financial Ombudsman Service 

    If you already have a claim with the Financial Ombudsman Service (FOS), you don't need to take any action now. The FOS will be in touch shortly to tell you what your next step will be. 

    If you haven't got a claim with the FOS and you think that you’ve got a claim against CPPL, 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 or a solicitor to make a claim. If you claim directly with us, you will receive 100% of any compensation due. 

    See our investment compensation limits and their conditions on our Investments page.  

    What if you dealt with an FCA-authorised adviser? 

    In some cases, FCA-authorised independent financial advisers (IFAs) may have recommended customers transfer their existing pensions to a CPPL SIPP.  

    You can check to see whether your financial adviser has ever been authorised by FCA by visiting its online register.

    If you were advised by an FCA-authorised adviser that’s no longer trading, you should submit a claim to FSCS against your financial adviser. 
     
    We consider different factors when calculating losses on pension advice (a claim against your financial adviser) compared to claims against SIPP operators (a claim against your SIPP provider). 

    This means you may receive more compensation for any losses by claiming against your financial advisor (IFA) compared to a claim against your SIPP provider. So, we recommend submitting a claim for compensation to us against your IFA. 
     
    If you were advised by an FCA-authorised adviser that’s still trading, you need to complain to them before FSCS can consider your claim against CPPL

    In cases where a customer’s FCA-authorised adviser is still trading, we may direct customers to claim against them first, before considering claims for compensation against CPPL. This is because we have to be satisfied that customers have first exhausted any right to claim against any connected firms still trading. 

    If your adviser rejects your complaint, you can take your complaint to the Financial Ombudsman Service (FOS). 

    If you were introduced to CPPL by a firm that was not FCA authorised, you can now make a claim to FSCS. 

    FSCS work on CPPL 

    Although we're accepting claims against CPPL, they will not immediately be passed to our claims processing teams for assessment. We need first to establish whether the claims are eligible under our rules. We are currently investigating this, and it may take some time.