Rowanmoor Personal Pensions (RPP) entered administration on 31 August 2022.
Adam Stephens and Chris Allen of Evelyn Partners (formerly Smith & Williamson) have been appointed by Rowanmoor directors as joint administrators.
RPP is authorised and regulated by the Financial Conduct Authority (FCA) and operates around 4,800 self-invested personal pensions (Sipps) with £1.4bn ($1.6bn, €1.6bn) in assets under administration.
The FCA said: “If you are a client of RPP, the administrators will be writing to you shortly to explain what this means for you and what action you should take. Although RPP has entered administration, your pension assets are not affected. This is because the pension scheme assets (including cash) are held in trust by Rowanmoor Trustees Limited (RTL), which has not entered administration. If you do not receive a letter from the administrators, you should contact them.”
The regulator said some of the options the administrators are currently looking at include the transfer of RPP’s clients to another FCA regulated Sipp operator, as this route is “likely to result in the least disruption to clients”.
But if this will not be possible, then the administrators will pursue other avenues aimed at transferring Sipps or returning pension assets back to the customers.
The Financial Services Compensation Scheme (FSCS) added that it is now open to customer claims and that it is investigating if there are any claims that meet the “qualifying conditions for compensation”.