Montpelier Pension Administration Services was authorized by the Financial Conduct Authority but as of 14 th October 2011, it was no longer to provide regulated products and services.The regulator found out that Montpelier’s director, Kevin Wells expanded the business by allowing a large proportion of more complex, esoteric, and unregulated into its schemes, including life settlements funds, overseas property, and unlisted shares. The firm lacked sufficient expertise of the assets it managed and failed to assess and oversee third parties such as the IFAS. In October 2011 Curtis Bank PLC without being responsible for the failings of the
original firm acquired the assets and clients of SIPP and SSAS operator Montpelier Pension Administration Services Limited In January 2018 the FSCS declared Montpellier in default.