Complex cases update

Page last updated: 27 April 2017

Sometimes situations occur that we’ve never dealt with before, or we need to gather further information, on particular products or firms. In these situations we need to investigate the background to the issue and understand what has happened before considering claims against an authorised firm.

We have listed the products or firms currently affected below, providing an up-to-date summary of the issues we are looking into: 

Brooklands Trustees Limited 

Concerns have been raised over the level of due diligence Brooklands Trustees Limited carried out when accepting applications for its self-invested personal pensions (SIPPs). These applications to invest in non-standard investments were made through UK-based and overseas firms on an advised basis.

Right now we’re looking into what due diligence Brooklands Trustees Limited carried out before accepting these applications. Once we’ve done this FSCS will reach a view on how claims against this firm will be treated. 

Stadia Trustees Limited 

Concerns have been raised over the level of due diligence Stadia Trustees Limited carried out when accepting applications for its self-invested personal pensions (SIPPs). These applications to invest in non-standard investments were made through UK-based and overseas firms on an execution-only basis.

Right now we’re looking into what due diligence Stadia Trustees Limited carried out before accepting these applications. Once we’ve done this FSCS will reach a view on how claims against this firm will be treated. 

Montpelier Pension Administration Services Limited

Concerns have been raised over the level of due diligence Montpelier Pension Administration Services Limited carried out when accepting applications for its self-invested personal pensions (SIPPs). These applications to invest in non-standard investments were made through independent financial advisers on an execution-only basis.

Right now we’re looking into what due diligence Montpelier Pension Administration Services Limited carried out before accepting these applications. Once we’ve done this FSCS will reach a view on how claims against this firm will be treated. 

Elysian Fuels Investments 

You and other customers have submitted claims to FSCS about shares in a company called Elysian Fuels. It’s alleged some FCA authorised firms were involved in the purchase of these shares and the transfer of customers’ existing pensions to a self-invested personal pension (SIPP).  

Right now we’re investigating who was involved in this process and the responsibilities each firm had to its customers. Once we’ve done this we’ll be able to reach a view on whether firms carried out their responsibilities sufficiently. 

GFXI 

You and other customers have submitted claims to FSCS about investments into a company called GFXI. The Clarkson Hill Group, an authorised firm already declared in default by FSCS, advised customers to invest in FOREX trades with GFXI. Right now we’re looking into the structure of GFXI’s investments to ensure we have considered and investigated all aspects of the investments. Once we’ve done this we can then determine how to treat claims against the firm.