Planet Pensions S.R.O., previously known as Square Mile Financial Services S.R.O.

Liquidated 4 Jan 2021

FRN: 526293

You might be eligible for compensation

When FSCS made its previous announcement in January 2021,  we said that we would only consider claims against Planet Pensions where customers had first exhausted any right to claim against connected firms still trading who may also be responsible for some, or all, of the customers’ losses. This meant that FSCS had to ask customers to pursue their claims against firstly Forthplus Pensions Ltd, being the administrators of The Forthplus SIPP and secondly other relevant parties such as Integrated-Capabilities Ltd and Optimum Pension Administrators Ltd, being the trustees and administrators of the Optimus Retirement Benefit Scheme.  

Since FSCS’ last update on Planet Pensions on 4 January 2021:

  1. Forthplus Pensions Ltd, being the administrators of The Forthplus SIPP, was placed into administration on 19 October 2021. As such, customers are no longer being redirected to make their claims against Forthplus Pensions Ltd; and
  1. FSCS exercising its discretion, has decided not to redirect customers to Integrated-Capabilities Ltd, or Optimum Pension Administrators Ltd, being the trustees and administrators of the Optimus Retirement Benefit Scheme.
     

FSCS is now accepting claims against Planet Pensions  
 
In view of the above, FSCS is now accepting customers’ claims against Planet Pensions involving advice in connection with pension transfers into and from The Forthplus SIPP and The Optimus Retirement Benefit Scheme. FSCS will investigate whether these claims against Planet Pensions are eligible for compensation under our rules.  

In addition to The Forthplus SIPP and The Optimus Retirement Benefit Scheme, FSCS is also aware that Planet Pensions provided advice to customers to transfer into and from several other pension schemes.

FSCS is also now accepting customers’ claims against Planet Pensions involving advice in connection with pension transfers into and from those other schemes. FSCS will also investigate whether these claims against Planet Pensions are eligible for compensation under our rules.

However, as part of its investigation, FSCS may require customers that fall into this category to first exhaust any right to claim against connected firms still trading who may also be responsible for some, or all, of the customers’ losses. FSCS will correspond with affected customers and their representatives on this issue.  

If you have already made a claim to FSCS in respect of Forthplus that could have been made in respect of Planet Pensions you do not need to take action at this time. FSCS will inform customers what it proposes to do about those claims and what additional steps customers will need to take.  

Any progress updates on FSCS’ investigation into Planet Pensions will be given in due course. 

  • 04 Jan, 2021

    Planet Pensions Limited S.R.O.(formerly known as Square Mile Financial Services S.R.O) (Planet Pensions) went into liquidation in July 2020.  

    Planet Pensions was a European Economic Area (EEA) authorised firm and was based in the Czech Republic. Prior to the UK’s withdrawal from the European Union, EEA authorized firms (such as Planet Pensions) were able to offer certain products or services in the UK. 
     
    Customers have alleged that Planet Pensions gave customers unsuitable advice in connection with pension transfers into and from several pension schemes, including: 

    1. The Forthplus SIPP (administered by Forthplus Pensions Ltd, being an-FCA authorised entity); and
    1. The Optimus Retirement Benefit Scheme, being the QROPS based in Malta. Integrated-Capabilities Ltd is the trustee of the scheme, and Optimum Pension Administrators Ltd is the scheme’s administrators. Both entities are based in the Isle of Man. 

    FSCS can only consider claims against Planet Pensions where customers have first exhausted any right to claim againstconnected firms still trading. 

    FSCS understands that Forthplus Pensions Ltd (an FCA-authorised firm) accepted pension transfers into the Forthplus SIPP, on the recommendation of Square Mile. 

    Customers that received advice from Square Mile to transfer their pension into the Forthplus SIPP should direct their complaints to Forthplus Pensions Ltd. 

    If Forthplus Pensions Ltd or your adviser rejects your complaint, you can take your complaint to the Financial Ombudsman Service
     
    Customers that received advice from Square Mile to transfer their pension into the Optimus Retirement Benefit Scheme should direct their complaint to Integrated-Capabilities Ltd or to the Optimum Pension Administrators Ltd. 

    As these firms are still trading, FSCS is not currently accepting claims relating to advice given by Planet Pensions (or Square Mile) to invest into the Forthplus SIPP or into the Optimus Retirement Benefit Scheme. 

FSCS

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