Rowanmoor Personal Pensions Ltd enters into administration operating 4,800 pensions (approx.) and assets estimated at £1.5 billion.

Announed last week (31st August 2022), by the FCA (Financial Conduct Authority) – and regulated by. RPPL (Rowanmoor Personal Pension Limited) a SIPP (Self-Invested Personal Pension) & FPT (Family Pension Trust) operator, enters into administration operating 4,800 pensions (approx.) and assets estimated at £1.5 billion.

Earlier this year, FOS (Financial Ombudsman Service) found RPPL had failed to do adequate due diligence on advisory/introducer firms, which resulted in customers losing thousands of pounds in high-risk investments.

The FSCS (Financial Services Compensation Scheme) have received over two thousand complaints, against 116 firms (Broker – advisory/introducer firms) who advised transfers to RPPL pension products, with a vast majority being upheld. Compensation amounts have been limited to £50,000 (pension products failing before 1 st April 2019) & £85,000 (pension products failing after 1st April 2019).