SIPP firm Forthplus acquired by iPensions Group
SIPP provider iPensions Group has acquired the business assets of Edinburgh-based Forthplus Pensions, currently in adminstration, providing certainty to its 2,500-plus customers, most of whom are UK expatriates.
Forthplus, based at 80 George St, has assets under management of around £500 million.
Manchester-based iPensions Group will retain the Forthplus Pensions operations in Edinburgh together with its administration staff.
Andrew Poxon, Alex Cadwallader and Barry Stewart of Leonard Curtis Business Solutions were appointed as join administrators on 19 October.
Mr Poxon commented: “We would like to place on record our appreciation for the patience and understanding demonstrated by customers of Forthplus whilst we have worked to secure the transfer to iPG.
“Completion of the transfer is a huge milestone and concludes a number of weeks of joint effort and hard work between Leonard Curtis, our legal advisors at Addleshaw Goddard and iPG.”
Forthplus, which is regulated by the Financial Conduct Authority, closed to new business from 1 September.
In a statement issued on 20 October, the FCA said Forthplus “was unable to meet its regulatory capital adequacy requirements and the board recognised it was no longer able to operate”.
It added: “The ombudsman service has issued several representative provisional assessments which found that Forthplus had not undertaken adequate due diligence and therefore had not treated its customers fairly and reasonably.
“As Forthplus did not agree with those provisional assessments, the ombudsman service was preparing to issue final decisions. Had the complaints been upheld and final decisions issued, further claims against Forthplus were expected.”
Following advice from Leonard Curtis the directors made the decision to place the firm into administration.