Forthplus Pensions Limited now in administration

21 October 2021

SIPP operator Forthplus Pensions Ltd was placed into administration on 19 October 2021.

The directors of Forthplus decided to take this action following advice from joint administrators Leonard Curtis

Why has Forthplus entered administration?

According to the FCA website the reason Forthplus has entered administration is because it was unable to meet “its regulatory capital adequacy requirements and the Board recognised it was no longer able to operate”

A large number of complaints at the Financial Ombudsman Service made by clients against Forthplus was a contributing factor.

 

Complaints Against Forthplus

Complaints made against Forthplus are in relation to the firms’ due diligence.

The FOS had reportedly issued several provisional assessments which found that Forthplus had not undertaken adequate due diligence and therefore had not treated its customers fairly and reasonably.

Forthplus did not agree with those assessments and the ombudsman service was preparing to issue final decisions. Had the complaints been upheld and final decisions issued, further claims against Forthplus were expected.

 

Beware of SCAMS

The FCA has urged people to be alert to scams

“All customers should remain alert to the possibility of fraud. If you are a client of Forthplus and are cold called by someone claiming to be from Forthplus, Leonard Curtis Business Solutions Group or any other company claiming to be involved in the Forthplus administration, end the call administrators and contact the administrators.”

Cold Calls or any contact of the blue is a classic sign of a SCAM.

Need some help?

If you are concerned or have any questions about Forthplus Pensions Limited entering Administration – we are here to help.

We can also give you some free initial guidance if you think you may have a claim but aren’t sure.

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.