Corporate & Professional Pensions Limited (Corporate and Professional), a self-invested personal pension (Sipp) operator, has gone into administration after being unable to pay Financial Ombudsman Service final decisions.

The final decisions related to the due diligence completed by the firm prior to taking on some pension investments.

On 1 February 2022, Adam Stephens and Nick Myers of Smith Williamson LLP were appointed by the directors of Corporate and Professional as joint administrators.

Although Corporate and Professional is in administration, it remains an FCA-authorised firm and is still subject to its rules, and it can continue to operate existing pensions whilst the administrators look for a new operator.

The administrators will continue to accept regular contributions from clients into their pensions.

This will be kept under review and if this changes the administrators will contact any clients affected.

The FCA are in regular contact with the administrators who are looking at the options available, including the transfer of Corporate and Professional’s clients to another FCA-regulated Sipp operator.

This option aims to minimise disruption to Corporate and Professional’s clients.

The FCA warned Corporate and Professional customers of potentially fraudulent activity following the administration, saying: “All customers should remain alert to the possibility of fraud.

“If you are a client of Corporate and Professional and are cold called by someone claiming to be from Corporate and Professional, Smith and Williamson LLP or any other company claiming to be involved in the Corporate and Professional administration, please end the call and call the administrators.”

The FCA also outlined the complaint process for clients as the Financial Compensation Scheme (FSCS) will be investigating whether there are any claims that meet the qualifying conditions for compensation.

The FCA added that “if you are a client of Corporate and Professional you should visit the FSCS website” to learn more about its investigations.

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