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July 14, 2023

Guardian GPC SIPP claims now at £67m

Compensation claims against failed SIPP provider GPC SIPP Ltd, formerly Guardian Pension Consultants, have reportedly exceeded £67m.

According to FTAdviser, the Financial Services Compensation Scheme has received 1,697 claims against GPC SIPP of which 1,520 were successful. The FSCS is still processing 15 of these claims and has so far rejected 162.

Administrators Evelyn Partners filed their latest progress report last week which revealed that the FSCS made an interim claim of £76.7m. This is based on the level of claims received and compensation paid to clients of GPC at the time the interim claim was submitted. It added that the total amount of unsecured claims is uncertain at present.

The Administrator’s report also mentioned proceeds from the sale of GPC’s SIPP and SSAS business to Hartley Pensions in 2019 for £482k. It said that all sale proceeds had been received but “some formalities relating to the re-registration of certain Sipp and Ssas assets to the Hartley business appear to be outstanding”.

The Administrators also confirmed they were ‘continuing to assess’ what affect, if any, the administration of Hartley’s itself could have on this process.

Hartley Pensions in Administration

Hartley Pensions entered administration in July 2022. The FSCS is working with the joint administrators to establish if there are protected claims that will allow them to pay compensation

The FSCS said it is currently not opening its online claims service to claims against Hartley Pensions.

GPC SIPP Ltd entered administration in 2019 and was declared in default in February 2020. According to the latest Administrator’s report, the administration process has been extended for a third time until June 2024.

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.