FSCS now open to claims against SIPP operator GPC SIPP Ltd

The Financial Services Compensation Scheme (FSCS) is accepting claims against GPC SIPP Limited (GPC), which was placed into administration on 11 June 2019.

FSCS is working closely with the firm’s Administrators and is investigating the practices of GPC, specifically to establish what levels of due diligence were carried out by the firm, prior to permitting customers to make specific investments under their pensions.

FSCS is aware that many GPC customers were advised by independent financial advisers (IFAs) to transfer existing pensions into a GPC SIPP. Following the pension transfer, customers had their pension funds placed in high-risk, non-standard investments, many of which have become illiquid. FSCS has already assessed and paid a number of claims made against IFAs already declared in default by FSCS, in relation to advice customers received to transfer their pension into a GPC SIPP.

Although FSCS is accepting claims against GPC SIPP Limited, claims will not immediately be passed to our claims processing teams for individual assessment. Our first step is to be satisfied that GPC, due to its practices, is liable for customers’ losses.

Customers interested in making a claim relating to GPC SIPP Limited can do so via our online claims service at www.fscs.org.uk selecting the ‘Check if you can claim’ button, and then following the instructions. Customers can also call FSCS on 0800 678 1100. FSCS will keep customers updated about GPC SIPP via its website at https://www.fscs.org.uk/failed-firms/gpcsipp/

 

Media enquiries

James Tweed - T: 020 7375 8646

Anthony Ozimic - T: 020 7375 8638

Catherine Goodier - T: 020 7375 8631

E: publicrelations@fscs.org.uk

 

Notes for editors

Read more about the remit of FSCS on our Notes for editors page.