Forthplus Pensions Ltd
In administration 19 October 2021
You might be eligible for compensation
Forthplus Pensions Ltd has failed and was placed into administration on 19 October 2021.
We’re aware that some Forthplus customers were advised by independent financial advisers to transfer existing pensions into The Forthplus SIPP.
As Forthplus Pensions is no longer trading, we will need to reopen our investigation into the authorised IFAs. We'll be investigating the advice they provided to customers to transfer their pension into The Forthplus SIPP.
Additionally, for FSCS to be able to pay your claim we must prove that Forthplus 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?
FSCS is accepting claims against this firm. But FSCS understands that FCA authorised advisers may have recommended transfers of existing pensions or investments through a Forthplus SIPP. Please review the information below to determine where to make your claim.
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19 Oct, 2021
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 Forthplus SIPP.
If you were advised by an FCA-authorised adviser that’s still trading to transfer your existing pension or to invest through a Forthplus SIPP, you need to complain to them before FSCS can consider your claim against Forthplus. 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 Forthplus SIPP, you should first 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 Forthplus, claims will not immediately be passed to our claims processing teams for assessment. Firstly we need to establish whether there are protected claims against Forthplus. For this to happen we need to know that Forthplus owes a civil liability to customers that would enable them to sue the firm in court.
FSCS is currently investigating the practices of Forthplus, 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.