Forthplus Pension Ltd were based in Edinburgh and were previously known as Helium Miracle 119 Ltd and Athena Pensions Ltd.
They hit the headlines after concerns that two overseas based companies, who had introduced business to Forthplus, may have given clients unsuitable transfer advice regarding their SIPPs.
Forthplus Pensions Ltd failed and was placed into administration on 19 October 2021.
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 relating to their due diligence was a contributing factor.
Brunel and Lewis Insurance Advisors, Agents & Sub-Agents Ltd are based in Cyprus.
They are no longer authorised by the FCA to carry out regulated activities, including advising people on pensions or investments.
However, the advice Brunel and Lewis had given prior to this change in May 2020 may be linked to mis-selling cases involving Forthplus SIPP.
Planet Pensions S.R.O were previously known as Square Mile Financial Services S.R.O and were based in the Czech Republic.
The FSCS placed a notice on its website in January 2021 advising clients that Planet Pensions had gone into liquidation and that some clients were claiming compensation due to the failure of Planet Pensions. The FSCS stated…
“Square Mile gave some customers unsuitable advice to transfer their pensions … FSCS understands that Forthplus Pensions Ltd (an FCA authorised firm) accepted pension transfers into the Forthplus SIPP, on the recommendation of Square Mile.”
SIPP mis-selling quite often begins with poor quality financial advice.
This may also be the case for Forthplus SIPP customers who transferred on the advice of UK based advisers with connections to pension mis-selling.
If a regulated firm or adviser has given you bad advice regarding your SIPP, you may be able to claim compensation.
You may also be able to complain against the SIPP provider if they haven’t exercised proper due diligence regarding the investments in their SIPPs.
The Administrators of Forthplus Pensions Limited – Leonard Cutis – announced in December 2021 that they have successfully completed the sale of the Forthplus SIPP to iPensions Group Limited (iPG).
The FCSC is accepting claims against Forthplus but is still in the process of establishing if protected claims against the firm exist.
If you want to know if your Forthplus SIPP may have been mis-sold to you – we can help with our free assessment check.
Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience indicate that you have a mis-sold SIPP.
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.