Corporate & Professional Pensions Limited (Corporate & Professional) is a SIPP operator based in Weymouth.
On 1 February 2022 the FCA announced that Corporate & Professional had gone into administration and had appointed joint administrators Adam Stephens and Nick Myers of Smith Williamson LLP.
Corporate & Professional entered administration following the final decisions of several complaints upheld by the Financial Ombudsman Service.
The firm recognised it would not be able to pay out in respect of these claims and remain solvent.
Even though Corporate and Professional is in administration, it remains an FCA-authorised firm and is still subject to its rules.
This means it can continue to operate existing pensions whilst the administrators look for a new operator.
The FCA has warned customers to be aware that they may be potential targets of fraudulent activity following the administration.
It said: “All customers should remain alert to the possibility of fraud. If you are a client of Corporate and Professional and are cold called by someone claiming to be from Corporate and Professional, Smith and Williamson LLP or any other company claiming to be involved in the Corporate and Professional administration, please end the call and call the administrators.”
Clients complained about the due diligence Corporate & Professional carried out prior to accepting high-risk non-standard investments in its SIPP wrappers.
One of these investments is Sustainable AgroEnergy which was an investment based on trees grown in Cambodia. It involved leasing plots of land, and the trees planted on them, and receiving either an annual income payment or additional land plots as a return.
This type of investment is only suitable for a small proportion of investors, for example a “sophisticated” investor. Even then, only for a small proportion of their investment portfolio.
In 2012 Sustainable AgroEnergy was investigated by the Serious Fraud Office (SFO) as part of a criminal investigation.
The investigation focused on the sale and promotion of SA’s products which found that investors had been deliberately misled about the nature of the investment.
They later brought charges and three men, one of whom introduced business to Corporate & Professional Pensions Limited, were found guilty and given prison sentences.
According to the published FOS decisions several Unregulated Introducers were responsible for introducing clients to Corporate & Professional Pensions Limited.
These include S J Stone Ltd, Protea Wealth Management and Portwood Financial Services Ltd (also known as otheroptions.co.uk.)
The BAD news:
Unsuitable Pension advice has caused huge losses
The GOOD news:
Compensation payments are hitting record figures every year
The Financial Services Compensation Scheme is not open to complaints against the firm at the moment but said it is investigating whether there are any claims that could be due compensation.
If they do find there are protected claims then it will assess if these are eligible to receive compensation.
If you are not sure if you have grounds to make a complaint against Corporate & Professional Pensions Limited – we can help!
Call and have a chat with one of our team who can tell you if we think you have a case and what you can do about it.
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Our fee is 15% +VAT on the total monies offered for a successful claim and is capped at £7,500 +VAT.
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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.