The Freedom SIPP Ltd
Under investigation 16 March 2011
FSCS has now concluded its investigation into whether there are valid due diligence claims against Freedom SIPP Ltd (“Freedom”) under FSCS rules.
FSCS's decision to pay compensation must be in accordance with the COMP rules. We've carried out a thorough examination of the claims we've received against Freedom, and following this, we're not satisfied there are valid due diligence claims.
The Freedom SIPP was established in 2003 and closed to new business on 11 September 2008. It subsequently entered liquidation on 14 October 2009. It was authorised by the FSA (predecessor of the FCA) on 11 May 2007. Prior to this, SIPPs were not regulated by FCA. We can only consider claims arising after Freedom became authorised.
Based on the claims presented to date, there is not enough evidence to satisfy us that there were any due diligence failings on the part of Freedom.
This means that, based on the evidence seen to date, customers are unlikely to have valid claims against the Firm regarding its due diligence failings.