Update for customers of HD Administrators LLP

22nd August 2013

This update is for consumers who have made a claim for compensation against HD Administrators LLP in relation to their Self Invested Personal Pension (SIPP) account (HD SIPP).

Background

The Financial Services Authority (FSA) (which has now been replaced by the Financial Conduct Authority (FCA)) took action in March 2012 to prevent HD Administrators LLP from operating and paying out funds. Following this, on 14 June 2012 the firm was placed into liquidation and the Official Receiver appointed as the liquidator.

In December 2012 the Serious Fraud Office announced that it was investigating allegations of serious fraud regarding the investments, and the involvement of Arck LLP, HD Administrators LLP and other related companies.

In July 2013 it was announced that Mattioli Woods had been appointed scheme administrator of the HD SIPP, taking over from HD Administrators LLP.

Next steps

FSCS is currently considering whether FSCS will have a role to play in paying compensation to clients of the firm. FSCS is reviewing whether the firm is liable for investors’ claims and will need to consider the investigations of other interested parties, such as the administrator and Serious Fraud Office.

FSCS will provide a further update as soon as the position is clearer. At that time we will also confirm any claims process for clients of HD Administrators LLP who have not yet made a claim to FSCS.