SIPP provider, Greyfriars, and Discretionary Fund Manager (DFM) have both entered into administration.
Administration Process
Pre-administration, Northwich-based Insight Financial Associates bought Greyfriars’ advice business; due to being a regulated IFA firm they were authorised to provide advice on pension transfers. Greyfriars began the administration process by selling their business to Hartley Pensions who had previously acquired The Lifetime SIPP, Lifetime also entered the administration however has now been dissolved.
Financial Conduct Authority Agreement
In November 2016, Greyfriars made an agreement with the FCA to no longer accept new investors into its Discretionary Fund Manager’s Portfolio Six. The FCA launched an investigation which found that the majority of investments within Portfolio Six were property-based corporate bonds. These unregulated, overseas investments were high-risk and lead to several investments going into administration.
Although Greyfriars were no longer able to accept capital from new investors, the FCA allowed Greyfriars to continue providing pension administration for established and existing clients ensuring these clients in drawdown could still receive their premiums. In addition to the FCA agreement, Greyfriars were also ordered to undergo a skilled person review by the FCA.
Next Steps
Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past.
