Stadia Trustees Limited were a SIPP provider company, established in 2006.
In 2011 an FSA inspection of SIPP providers highlighted problems at Stadia which eventually led to the company winding down.
In 2012, The Insolvency Service won a high court ruling to wind up Green Leaf Global biofuel investment project.
The then FSA (who preceded the now FCA) supported the decision, agreeing that the investment had been wrongly categorised as falling outside of the FSMA and was actually a collective scheme.
Green Leaf Global insisted they had received legal advice as to the classification of the investment.
According to reports at the time – Stadia had produced a trustee due diligence report on the Greenleaf Global and Greenleaf Global Togo biofuel projects and concluded they were a suitable investment to be held in a SIPP.
However, it’s thought that as many as 80% of Stadia clients had been exposed to non-standard assets; with many having all of their pension funds invested in these schemes.
In 2013 the FSA placed restrictions on Stadia’s permissions prohibiting them from accepting new business.
In 2016 Mattioli Woods stepped in to help Stadia wind down the business, including moving 1,000 clients into its own SIPPs.
This transfer included the following SIPPs which were operated by Stadia Trustees
In 2018 Stadia was one of 3 SIPP operators to be declared in default by the FSCS. They reportedly received around 150 claims for compensation in respect of these firms and the way they operated and administrated their SIPPs.
Stadia are currently in liquidation.
If you had a SIPP with Stadia Trustees and you haven’t already checked whether you have been mis-sold – now’s the time to act!
We can help establish if you may have a case to claim compensation as a result of mis-selling. Call 0114 2664216 or fill in the form to arrange a call back.
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