Forthplus SIPP sold to iPensions Group

16 December 2021

The Administrators of Forthplus Pensions Limited – Leonard Cutis – have just announced that they have successfully completed the sale of the Forthplus SIPP.

iPensions Group Limited (iPG) will be the new operator and administrator as the sale resulted in the transfer of all 2,500 customers’ SIPPs to iPG.

The transfer, which was completed on 13 December 2021, meant customers who were members of the Forthplus SIPP became part of the iPG range of self-invested personal pensions.

iPG has offices in Manchester but intends to retain the Forthplus Edinburgh administration team.

 

Complaints against Forthplus Pensions Ltd

Forthplus Pensions Ltd hit the headlines back in April 2021 after concerns that two overseas based companies, who had introduced business to them, may have given clients unsuitable transfer advice regarding their SIPPs.

 

They entered administration in October 2021 following a large number of complaints at the Financial Ombudsman Service (FOS).

Customers who have a complaint against Forthplus can now make their claim for compensation to the Financial Services Compensation Scheme (FSCS).

The FCSC has said it is accepting claims against Forthplus but is still establishing if protected claims against the firm exist.

There have also been claims made against authorised advisers who recommended unsuitable pension transfers into Forthplus SIPPs.

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