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January 6, 2023

FSCS says Rowanmoor info “helpful” as investigations continue

The Financial Services Compensation Scheme (FSCS) has issued an update this week on Rowanmoor Personal Pensions Ltd.

Published on the FSCS website it said that the information the FSCS has received has been “helpful”.

And that its investigations into the firm are continuing.

In addition to information from former customers of Rowanmoor Personal Pensions Ltd, the FSCS said it has also gathered data and information from RPPL’s insolvency practitioners regarding the firm’s business.

“We are using this to consider the allegations made by former customers regarding due diligence and to determine if any regulatory breaches may have occurred. “

What does this mean for claims against Rowanmoor Personal Pensions?

In September 2022 the FSCS began accepting customers’ claims to assist with its investigations into Rowanmoor Personal Pensions Ltd.

However, the firm has not been declared “in default” so claims aren’t immediately passed to claims processing teams for assessment.

The FSCS said “We need to first establish whether the claims are eligible under our rules… We are currently investigating this, and it may take some time”

Why did Rowanmoor enter administration?

Rowanmoor Personal Pensions Ltd went into administration in August 2022 after seeking professional advice following a large number of customer complaints.

The directors determined that the firm was insolvent as a consequence of the liabilities arising from these complaints, as well as potential complaints.

Why did Rowanmoor SIPP clients complain?

It was reported In November 2020 that the Financial Ombudsman Service had received hundreds of complaints from Rowanmoor SIPP clients.

Most of which were in relation to due diligence involving a high-risk, non-standard investment – The Resort Group – which some client’s had invested in through a SIPP.

In December 2022, Rowanmoor administrators agreed to the sale of Rowanmoor Personal Pensions Limited’s SIPP business to Alltrust Services.

Which is expected to be completed in February 2023.

Important Information!

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.