The Lifetime SIPP Company Ltd went into administration in 2018 following reports it had been unable to handle the volume of complaints made against them from unhappy investors seeking compensation.
Many of these complaints involved SIPP investors’ unsuitable exposure to high-risk investments such as:
Harlequin took around £400m in investments through UK Investors with the promise of guaranteed high returns from the luxury villas.
These returns unfortunately never transpired and in 2013 Lifetime were instructed by the regulator to write out to all their Harlequin investment clients and inform them that their investment had a nominal £1 value.
The FSCS is said to have paid nearly a £125m in compensation in relation to Harlequin. The complaints concern the suitability to invest in Harlequin and not the performance of the investment itself.
The FSCS declared Lifetime in default in 2018, something it does when it decides a firm cannot meet their financial obligations to clients.
In June 2019 they posted on their website that they were accepting claims against The Lifetime SIPP Company (Lifetime) and said the claims “… relate to the SIPP operators’ due diligence obligations when accepting customers’ investments.”
They also acknowledged “SIPP operator due diligence has been an industry ‘hot topic’ in recent years and FSCS is aware that there are a number of pending civil claims in the High Court against various SIPP operators in respect of alleged due diligence failings”
Lifetime is now in liquidation with Kingston Smith & Partners overseeing the process. Hartley SAS purchased the “untainted” SIPP part of the business.
If you want to know if your Lifetime SIPP may have been mis-sold to you – we can help!
Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience indicate that mis-selling may have happened.
Our assessment is free and there’s absolutely no obligation to use our service if you have case.
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.