Forthplus Pensions Ltd

In administration 19 October 2021

FRN: 653170

You might be eligible for compensation

Forthplus Pensions Ltd has failed and was placed into administration on 19 October 2021.


Forthplus Pensions Ltd was the administrator of The Forthplus SIPP.

On 19 October 2021, Forthplus Pensions Ltd was placed into administration.

FSCS is accepting claims against Forthplus Pensions Ltd.

FSCS is currently investigating whether customers who have submitted claims to FSCS 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 Forthplus Pensions Ltd.

  • 10 Jan, 2022

    Advice to open a Forthplus SIPP

    We’re aware that some Forthplus customers were advised by independent financial advisers (IFAs) to transfer existing pensions into The Forthplus SIPP. 

    If you were advised by an FCA-authorised adviser that’s no longer trading

    You should first submit a claim to FSCS against your financial adviser first.

    FSCS considers 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 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. So we recommend submitting a claim for compensation to us against your IFA first.

    We were previously referring customers who'd been advised by certain independent advisers that had ceased trading to Forthplus Pensions Ltd. This is because FSCS must be satisfied that customers have first exhausted any right to claim against any connected firms that are still trading. At that time, Forthplus Pensions Ltd was a live firm.

    However, now that Forthplus Pensions Ltd has entered administration, FSCS will no longer direct customers to contact this firm, and we may now be able to consider claims against certain failed authorised IFAs who advised customers to invest via a Forthplus SIPP.

    If your claim relates to advice received by the IFA Planet Pensions s.r.o. (previously known as Square Mile Financial Services s.r.o.) please, refer to the Planet Pensions webpage update for further details on the next steps.


    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 Forthplus Pensions Ltd.

    In cases where a customer’s adviser is still trading, FSCS may still direct customers to first claim against that live firm, before considering claims for compensation against Forthplus Pensions Ltd. This is because FSCS must be satisfied that customers have first exhausted any right to claim against any connected firms that are still trading.

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

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

    Claims against Forthplus Pensions Ltd

    Although we're accepting claims against Forthplus Pensions Ltd, 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.

    Forthplus customers who were advised prior to opening their Forthplus SIPP should therefore follow the steps above.

FSCS

Contact us by phone on the number below, or via the contact form on the Contact us page.