Rowanmoor Personal Pensions Ltd

Under investigation 31 August 2022

FRN: 458260

You might be eligible for compensation

Rowanmoor Personal Pensions Ltd (the Firm), is a SIPP operator authorised and regulated by the FCA. On 31st August 2022, the directors appointed Adam Stephens and Christopher Allen of Evelyn Partners LLP as Joint Administrators.  

The Joint Administrators will continue to run Rowanmoor’s business, and try to find a new SIPP operator to take over the administration of Rowanmoor’s SIPPs.  

Pension assets are held by Rowanmoor Trustees Ltd (RTL), which has not entered administration 

If you’re a client of Rowanmoor, the Joint Administrators will be writing to you shortly to explain what this means and what action you should take. 

In the meantime, you can see updates from the Joint Administrator.

You can also read details on the FCA website.

FSCS is open to customer claims.   

FSCS is investigating if there are any claims that meet the qualifying conditions for compensation. As part of this investigation, we're working closely with the Joint Administrators.  

The latest news regarding our work on the firm will appear on this page. We will update this page as our investigations progress. Customers should subscribe to this page to receive the latest updates.  

FSCS and the Financial Ombudsman Service  

If you already have a claim with the Financial Ombudsman Service (FOS), you don't need to take any action now. The FOS will be in touch shortly to tell you your next step.  

FSCS is free to use and you don’t need to use a representative or a solicitor to make a claim. If you claim directly with us, you will receive 100% of any compensation due.  

See our investment compensation limits and their conditions on ourInvestments page.   

Although there are limits on the compensation FSCS can pay under its rules, there is no need to make a claim to the Joint Administrators before coming to FSCS if you believe your claim might exceed FSCS compensation limits. 

This is because, under FSCS’s rules, if FSCS pays compensation, your rights pass to FSCS and it makes a claim to the Joint Administrators for the full assessment of your loss  If a dividend is paid to FSCS through this process, under our rules, we must make sure you aren’t any worse off than you would have been if you had claimed through the Joint Administrators directly first. 

What if you dealt with an FCA-authorised adviser?  
In some cases, FCA-authorised independent financial advisers (IFAs) may have recommended customers transfer their existing pensions to a SIPP with the firm. 

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

FSCS usually expects customers with an FCA-authorised adviser to make a claim against the adviser first. 

If you were advised by an FCA-authorised adviser that’s no longer trading, and haven’t already made a claim against them, you should submit a claim to FSCS against your financial adviser.  
 
We consider 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 receive more compensation for any losses by claiming against your financial advisor (IFA) compared to a claim against your SIPP provider. So, we recommend submitting a claim for compensation to us against your IFA first.  
 
If you were advised by an FCA-authorised adviser that’s still trading, and your complaint hasn’t been exhausted, you need to complain to them before FSCS will consider your claim against the firm.  

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

If you were introduced to Rowanmoor by a firm that was not FCA-authorised, or you have already made a complaint against your FCA-authorised adviser and believe you have uncompensated losses, you can now make a claim to FSCS about Rowanmoor.  

FSCS work on Rowanmoor 

If you haven't got a claim with the FOS, or a potential FCA-authorised adviser claim and you think that you have a claim against Rowanmoor, or you’ve made claims to FCA or the FCA authorised adviser, and think you have uncompensated losses which Rowanmoor is responsible for, click the ‘Check if you can claim’ button to start the process.  

Although we're accepting claims against Rowanmoor, 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.  

Latest updates

  • 14 Nov, 2023

    We have completed our investigations into Rowanmoor Personal Pensions Ltd. Thank you for your patience while we worked on this.

    Claims submitted against Rowanmoor Personal Pensions Ltd will now be moved to our claims processing teams for assessment. They will be moved in waves so that we can manage the volume of claims most efficiently. If the status of your claim doesn’t change straight away, please don’t worry - nothing has gone wrong, we are still working through them all.

    You can check the status of your claim by logging onto the online claims portal. When your claim is being assessed, the status will change from ‘Firm investigation underway’ to ‘Reviewing evidence’. Please be aware that we still need to consider each claim on a case-by-case basis once it moves to assessment to determine whether it is eligible for compensation.

    To help us focus our resources on getting answers to customers and representatives as efficiently as possible, we ask that you please monitor the status and progress of your claim via the online claims portal and avoid raising individual queries about claim progress.   

    We would like to remind customers and their representatives that:

    • If you were advised by an FCA-authorised adviser that’s no longer trading,and haven’t already made a claim against them, you should submit a claim to FSCS against your financial adviser. 
        
      We consider 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 receive more compensation for any losses by claiming against your financial advisor (IFA) compared to a claim against your SIPP provider. So, we recommend submitting a claim for compensation to us against your IFA first.  

    • If you were advised by an FCA-authorised adviser that’s still trading,and your complaint hasn’t been exhausted, you need to complain to them before FSCS will consider your claim against Rowanmoor.

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

     

    Failure to pursue these claims first may delay our decision in any claim against Rowanmoor.

    If you think that you may have a claim against Rowanmoor Personal Pensions Ltd, click the ‘Check if you can claim’ button on this page to start the process. 

    It’s completely free to make a claim for compensation with FSCS if you claim with us directly.

    You can use a claims management company (CMC) or legal representative to make a claim on your behalf, but they will charge you a fee. FSCS is unable to pay these fees for you.

  • 13 Sep, 2023

    We have almost completed our investigations into Rowanmoor Personal Pensions Ltd.

    We will now use the information we have received to develop the process that will enable us to assess individual claims against the Firm.

    We are also aware that on 24 August, Rowanmoor moved from Administration to Liquidation. This does not affect FSCS’s investigation, or position regarding claims.

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

  • 23 May, 2023

    We've now received all of the available information and documentation that we requested from external parties.

    We're now carefully reviewing this evidence in order to analyse whether there are valid claims against Rowanmoor.

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

  • 30 Mar, 2023

    We can confirm that on 3 March 2023, Evelyn Partners completed a sale of all Rowanmoor SIPPs to Alltrust Services Limited. Please refer to Evelyn Partners webpage for further information

  • 24 Mar, 2023

    Scam warning
    Further to an update from the FCA, we are aware of letters and emails circulating claiming to be from the Chartered Trading Standards Institute (CTSI). Rowanmoor’s administrators Evelyn Partners, have told us this is a scam. If you have concerns, please contact the administrators.

  • 02 Mar, 2023

    FSCS’s investigation into Rowanmoor Personal Pensions Ltd (‘RPPL’) is still ongoing.

    We are working closely with external parties to gather as much information as possible surrounding the due diligence conducted by the firm, to see if there are valid claims.

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

  • 04 Jan, 2023

    In September 2022, the FSCS started to accept customers’ claims to assist with its investigations into Rowanmoor Personal Pensions Ltd (‘RPPL’).   

    Although we're accepting claims against RPPL, the firm has not been declared “in default” and so they are not immediately 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 RPPL are continuing. As well as the information from former customers of the firm, we're also gathering data and information from RPPL’s insolvency practitioners about the firm’s business. 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 were advised by an FCA-authorised adviser that’s still trading 

    You need to complain to them before FSCS can consider your claim against Rowanmoor Personal Pensions Ltd. 
     
    In cases where a customer’s adviser is still trading, FSCS may direct customers to first claim against that live firm, before considering claims for compensation against RPPL. 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. 

     
    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. 
     
    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 that you may be eligible to receive more compensation for any losses by claiming against your financial advisor compared to a claim against your SIPP provider.  

    Click here to start your claim. 

Contact us on the number below or via any of the methods on our Contact us page.

Phone contact icon 0800 678 1100