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 FSA (who preceded the now FCA) supported the decision, agreeing that the investment had been wrongly categorised.
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.
Another investment linked to Stadia SIPPs is Harlequin Properties. This £400m project involving a luxury hotel development was largely never built and subsequently valued at nil.
Los Pandos was a high-risk, unregulated investment found in some Stadia SIPPs.
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.
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.
Millions of pounds have already been paid out in compensation in respect of mis-sold Stadia SIPPs.
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.