A Claims Management Company

Mis-Sold investment - The Lifetime SIPP

Latest Update: 2nd September, 2019 (FCA)

Case Points

Total amount invested

At least £56.5 million

Why did people invest in it?

The Lifetime SIPP Company was founded in December 1989, and offered a range of SIPP and pensions services to their clients.

Why was it mis-selling?

In late March 2018, the firm entered into administration. The administrator was unable to achieve the desired results, and in April 2019, the firm entered liquidation.

Potential value of cases

Average value of £15,694.44 based on an equal division between 3600 reported clients.

Summary

The Lifetime SIPP Company was founded in December 1989 as Searchlong Ltd. It was renamed Hartley Pensions in 1990, and it kept this name until 2007 when it became The Lifetime SIPP Company.

By 2007, the firm primarily offered pensions advice, and specialising in providing SIPPs products. It was authorised to provide these services by the FSA between 2007 and 2013, before moving to the FCA from 2013 until the present.

In March 2018, the firm entered administration. At the time it collapsed, it was facing a reported 40 claims with the Financial Ombudsman Service. A reason for the collapse was not given at the time, but it was assumed to be related to the claims being processed by the Ombudsman Service.

In a report dated 2nd April 2019, the administrators reported that they were finding it difficult to handle 3,600 unsecured creditor claims against the firm valued at £56.5 million. Following the issuing of this report, the firm was declared to have entered liquidation.

On the 13th June,2019, the FSCS declared the Lifetime SIPP Company to be in default, meaning that claims against the firm could now be made to the FSCS.

You are likely to have a potential claim on the basis of advice from a regulated firm. The claim above is only an example of a potential claim. Each claim is judged on its individual merits and as such, we cannot guarantee that your individual claim will be successful or that you indeed may have grounds for a claim.

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