Edinburgh-based Forthplus Pensions has called in administrators after failing to secure indemnity cover.
The appointment of insolvency practitioners Leonard Curtis Business Solutions comes two months after the closure of Forthplus’ international self-invested personal pension (Sipp) due to the “temporary” inability to secure professional indemnity insurance, which covers against claims of inadequate service. The situation was “compounded” by a pending decision from the ombudsman about a complaint made against the firm in 2018.
Leonard Curtis said it is examining options for transferring customers to an alternative Sipp administrator.
Forthplus provided its Sipp scheme to roughly 2,500 customers, most of whom are UK expatriates. The value of assets under management at the date of administration was approximately £500 million.
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