Forthplus Pensions Ltd

Latest updates

• 05 Jan, 2024

  FSCS’s investigation into Forthplus Pensions Ltd is progressing. However, investigations into SIPP operators are often complex, and this has been the case with Forthplus, given its dealings with customers and firms inside and outside of the UK.

  Customers can help us by ensuring that they submit all available evidence. 

  Also, we would remind customers that while they're waiting for the conclusion of our Forthplus investigation they should ensure that they have followed the guidance issued below (10 Jan 2022) and pursued any claims against live firms (i.e. advisers), or submitted a claim to FSCS where the advising firm is no longer trading.

• 31 Aug, 2023

  Our investigations into whether there are valid claims against Forthplus Pensions Ltd are ongoing.   

  We’ve gathered key information from third parties to progress our investigation. We are analysing this information to establish whether customers of the failed firm are likely to have claims that may be eligible for compensation.  

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

• 20 Apr, 2023

  Our investigations into whether there are valid claims against Forthplus Pensions Ltd are continuing.

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

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

• 13 Feb, 2023

  In early 2022, FSCS started to accept customers’ claims to assist with its investigations into Forthplus Pensions Limited (‘FPL’).

  Although we're accepting claims against FPL, the firm has not been declared “in default” and so they have not been passed to our claims processing teams for assessment. We need to first establish whether the claims are eligible under our rules.

  The information we have received is helpful and our investigations into FPL are continuing. As well as the information from former customers of the firm, we're also gathering data and information from other third parties. We are using this to consider the allegations made by former customers regarding due diligence and to determine if any regulatory breaches may have occurred.

  If you think that you may have a claim against Forthplus Pensions Limited, click the ‘Check if you can claim’ button at the top of the page to start the process. We thank you for your continued patience and we will provide an update on our investigations when we can.

• 06 Dec, 2022

  FSCS’s investigations into Forthplus Pensions Ltd are still ongoing. Right now, we are continuing to gather data and information surrounding the due diligence conducted by the firm.

  We also continue to work with the Financial Conduct Authority (FCA) and the Financial Ombudsman Service to investigate the activities of Forthplus.

  As part of our investigations, we are aware that some Forthplus customers were advised by Planet Pensions S.R.O. (previously known as Square Mile Financial Services S.R.O.) to transfer existing pensions into The Forthplus SIPP.

  FSCS has recently started to assess claims related to advice received by Planet Pensions.

  If you think that you may have a claim against Planet Pensions or Forthplus Pensions Ltd, click the 'Check if you can claim' button at the top of the page to start the process. 

  We thank you for your continued patience and we will provide an update on our investigations as soon as we can.

• 17 Aug, 2022

  FSCS’s investigations into Forthplus Pensions Ltd are continuing. Right now, we're gathering data and information surrounding the due diligence conducted by the firm. Our legal team are also considering the allegations made by customers regarding due diligence and looking at whether any regulatory breaches may have occurred.

  We thank you for your continued patience and we will provide an update on our investigations when we can.

• 16 May, 2022

  FSCS is currently working closely with 3rd parties to gather data as well as information surrounding due diligence the firm had conducted. Once we have received the data and information, we can continue with our investigation to understand if there are valid claims against the firm.

  We thank you for your continued patience and we will provide an update on our investigations when we can.

• 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. Click here to start your claim.
  
  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 the FCA 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.