Thousands of SIPP investors have today learned that their SIPP (Self-Invested Personal Pension) provider has gone into administration.
A notice on the FCA (Financial Conduct Authority) website, posted yesterday, says: “Having reached an assessment that it was no longer solvent, EPML (European Pensions Management Ltd) made an application to the court to formally initiate insolvency proceedings.”
According to the FCA website EPML, who offered a range of different SIPPs, has approximately 6,000 customers. According to their website EPML also offered ISAs (Individual Savings Accounts) and SSAS (Small Self-Administered Schemes).
Joint special administrators Adam Stephens, Finbarr O’Connell, Henry Shinners and Gregory Palfrey of Smith & Williamson LLP have been appointed and affected customers will be contacted in due course.
The FCA statement goes on to say: “It is understood that the majority of client money is in place as required, but the special administrators will be able to confirm this once their client money assessment is complete.
The sale of the firm’s book of business to another self-invested personal pensions operator and ISA manger is being considered – if this is appropriate and where it will provide continuity of service to the EPML clients.
If EPML’s book of business is not sold, the special administrators will return as much client money to clients as possible, as quickly as possible.
If the assessment of client money results in EPML clients not having their money returned, they may have access to the Financial Services Compensation Scheme (FSCS), depending on their individual circumstances.” (Source: FCA)
If you are an EPML client the FCA statement recommends you visit the Smith & Williamson website, which can be found by clicking here.
Alternatively, you can email email@example.com or call 020 7131 8824.