The FCA has announced that the £1.4bn SIPP firms Rowanmoor Personal Pensions Limited have entered administration. Adam Stephens and Chris Allen of Evelyn Partners (formerly Tilney Smith & Williamson) have been appointed as joint administrators by the company directors.
Rowanmoor roughly operates around 4,800 pensions and has assets under administration in the region of £1.4bn.
The FCA has said that Rowanmoor’s administrators will continue to operate the company’s pension schemes. This means there will be no immediate changes to its client’s pensions. However, the administrators will be looking for other FCA-regulated SIPP operators to take over the administration. No assets will not be affected by the company entering administration, as pensions scheme assets are held in a trust administered by Rowanmoor Trustees, which has not entered administration.
Last year, Citywire New Model Adviser revealed Rowanmoor had received around 840 Financial Ombudsman Service (FOS) complaints against it, with around 515 involving Cape Verde-based The Resort Group investment.
In July last year, platform Embark announced it had been sold to banking giant Lloyds in a £390m megadeal. The acquisition however excluded the £5bn of assets in Rowanmoor, which then became a standalone business owned by Embark’s previous shareholders.
Rowanmoor sought professional advice about the liabilities arising from existing and potential complaints, the FCA said, and after doing so, decided the company was insolvent and should be placed into administration.
If you have been affected by any of the above and would like advice on your mis-sold pension you can contact a member of the team by filling out the contact form or calling 0800 046 9976.