Consumers could get back money they have lost as a result of their dealings with three SIPP operators which the Financial Services Compensation Scheme has declared in default.
FSCS has received approximately 150 claims for compensation against Brooklands Trustees Limited, Stadia Trustees Limited and Montpelier Pension Administration Services Limited.
The claims relate to the way in which these firms established, operated and administered SIPPs through which consumers invested in non-standard investments such as storage pods, oil fields, diamonds and overseas property.
FSCS’s chief executive Mark Neale said: “FSCS steps in to protect consumers around the UK when authorised financial services firms fail. We are satisfied in these cases that certain claims are eligible for compensation, and expect to receive more claims of this nature in the coming months. We will be getting in touch with customers of these firms as we may be able to help.”
Since it began in 2001, FSCS has helped more than 4.5m people, paying out more than £26bn in compensation.
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