Chat on WhatsApp

0114 266 4216

December 22, 2023

Rowanmoor facing nearly 1500 claims as FSCS declares default

The Financial Services Compensation Scheme (FSCS) has declared Rowanmoor Personal Pensions in default.

Latest reports suggest the number of claims against Rowanmoor currently stands at 1,464.

What happened with Rowanmoor?

Rowanmoor Personal Pensions went into Administration in August 2022 following hundreds of complaints from its SIPP clients.

Most of these complaints involved The Resort Group – an investment in luxury holiday resorts based in Cape Verde.

It had been sold to clients in conjunction with Rowanmoor SIPPs.  Many clients were introduced by regulated advice firm CIB Life and Pensions and its Appointed Representative – RealSipp.

CIB Life and Pensions introduced 1,387 clients to Rowanmoor, which accounted for over 25% of its business between 2009 and 2013.

And a quarter of these cases involved pension transfers from occupational schemes.

In October 2021 it was reported that the FSCS had received almost 2,500 claims that were linked to The Resort Group (TRG). And that over 50 financial advice firms were involved with these claims, most of which involved SIPPs or pension transfers.

FOS sample case against Rowanmoor

In February 2022 the Financial Ombudsman Service (FOS) published its decision of a ‘sample case’ involving Rowanmoor, which was upheld against the SIPP operator.

According to the decision, the FOS found that Rowanmoor had failed to verify the integrity of an introducer firm – CIB Life and Pensions.

The Fos also said Rowanmoor should have spotted warning signs sooner CIB Life and Pensions Limited, was not giving its clients the full advice, it had purported to.

Claims against Rowanmoor now in default

The Financial Services Compensation Scheme announced it had declared Rowanmoor in default on 15 December 2023 which means it can now pay compensation to clients with valid claims.

It added that claims would continue to be assessed on an individual basis.

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.