HERITAGE PENSIONS LTD
Heritage Pensions Ltd notified clients in 2021 about a proposed sale of its business to PSG SIPP Ltd. Clients were formally contacted and asked to approve the transfer. In that notice, they were assured that all SIPP terms and conditions, including fees and charges, would remain the same. Clients were also given the option to transfer their benefits to another provider if they wished, with no associated costs to their SIPP funds.
Heritage Ltd Background
The Brooklands Trustees Limited was a financial management firm who developed a subsidiary known as Brooklands SIPP specialising in pension investments. Brooklands Trustees Limited entered into administration in August 2016 allowing Heritage Ltd to acquire clients whilst the Financial Ombudsman was investigating adjudications against them.
Both Heritage Pensions Ltd and PSG SIPP Ltd were authorised by the Financial Conduct Authority (FCA) and had Firm Reference Numbers (FRNs):
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Heritage Pensions Ltd: FRN 475096.
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PSG SIPP Ltd: FRN 514654.
Following the acquisition, claims relating to a lack of regulatory oversight and due diligence were redirected to the Financial Services Compensation Scheme (FSCS). Heritage, like some other SIPP providers including those connected with Harlequin Property, allowed high-risk and unregulated investments into its portfolio. Many investors, particularly those involved with Harlequin Property, lost most or all of their pension savings.
Brooklands Trustees management later came to the decision to sell the responsibility of managing and running the Brooklands SIPP in the UK to Heritage Limited. Due to this change of management, all claims regarding a lack of regulation and due diligence were redirected to the Financial Services Compensation Scheme (FSCS). Heritage included several unregulated and high-risk investments into their portfolio of approved investments, unfortunately other SIPP providers such as Harlequin Property had also followed suit.
Following the acquisition, claims relating to a lack of regulatory oversight and due diligence were redirected to the Financial Services Compensation Scheme (FSCS). Heritage, like some other SIPP providers including those connected with Harlequin Property, allowed high-risk and unregulated investments into its portfolio. Many investors, particularly those involved with Harlequin Property, lost most or all of their pension savings.
Liquidation of Heritage and PSG SIPP Ltd
Heritage Pensions Ltd entered liquidation on 17 March 2022 after the Financial Ombudsman upheld multiple decisions related to due diligence failings. The directors concluded the firm was insolvent and appointed liquidators.
PSG SIPP Ltd, which had acquired much of Heritage’s business, itself entered administration on 25 October 2024. The administrators from Evelyn Partners LLP subsequently arranged for the majority of PSG’s SIPP schemes to be sold to Alltrust Services Ltd. However, the Unity SIPP, which had a distinct structure, was sold separately to London & Colonial Services Ltd, which now trades as Pathlines Pensions UK Limited. This sale completed in January 2025.
What Clients Should Do
If you were a client of Heritage Pensions Ltd, Brooklands Trustees, or PSG SIPP Ltd, you should have received communication regarding these changes. It is important to review your SIPP investments and understand who currently administers your pension.
If you believe you were exposed to high-risk or unregulated investments, or if you have experienced losses, you may be eligible for compensation.
The majority of investors in Harlequin Property lost their entire investment, therefore if you have dealt with Heritage Pensions or Brooklands Trustees it is very possible you may have lost money and could be entitled to financial redress or compensation.
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.
Company background (public record)
The company was incorporated at Companies House on 2 October 2007 under company number 06386995. Its status at Companies House is recorded as liquidation.
Registered office: C/O KROLL ADVISORY LTD., The Shard 32 London Bridge Street, London, SE1 9SG.
Nature of business (SIC): 66290.
Company timeline (public record)
Key dated events for this firm, drawn from public records. Each entry shows its source.
| Date | Event | Source |
|---|---|---|
| 02 Oct 2007 | Company incorporated | Companies House |
| 02 Oct 2007 | Colin Bertram Worbey appointed director | Companies House |
| 02 Oct 2007 | John Stuart Hanson appointed secretary | Companies House |
| 02 Oct 2007 | Robert Ian Bray appointed director | Companies House |
| 02 Oct 2007 | Michael Crosbie appointed director | Companies House |
| 02 Oct 2007 | Yashwantkumar Jadavji Naran Tosar appointed director | Companies House |
| 18 Mar 2009 | Richard John Petts approved by the FCA at the firm | FCA Register |
| 17 Feb 2010 | Yashwant Tosar approved by the FCA at the firm | FCA Register |
| 02 May 2012 | Mark Innes Hancock appointed director | Companies House |
| 08 May 2012 | Mark Innes Hancock approved by the FCA at the firm | FCA Register |
| 31 Oct 2013 | Yashwantkumar Jadavji Naran Tosar resigned as director | Companies House |
| 27 Nov 2020 | Mark Innes Hancock resigned as director | Companies House |
| 17 Mar 2022 | Company wound up (creditors’ voluntary liquidation) | Companies House |
| 17 Mar 2022 | Insolvency practitioner appointed: Paul David Williams | Companies House |
| 17 Mar 2022 | Insolvency practitioner appointed: Edward Robert Bines | Companies House |
| 17 Mar 2022 | FSCS update: Heritage Pensions Ltd has failed and was placed into Liquidation on 17 March 2022 | FSCS |
| 21 Jun 2022 | FSCS update: The investigation into the operation of Heritage Pensions Ltd (“Heritage”) remains ongoing | FSCS |
| 11 Nov 2022 | FSCS update: The FSCS investigation into the failure of Heritage Pensions Ltd (“Heritage”) remains ongoing | FSCS |
| 10 Mar 2023 | FSCS update: Our investigation into the failure of Heritage Pensions Ltd (“Heritage”) remains ongoing | FSCS |
| 30 Jun 2023 | FCA status recorded as: No longer authorised | FCA Register |
| 15 Jul 2024 | FSCS update: Our investigations into whether there are valid claims against Heritage Pensions Ltd are ongoing | FSCS |
| 18 Dec 2024 | Insolvency practitioner appointed: Simon Stibbons | Companies House |
| 17 Feb 2025 | FSCS update: The investigation into Heritage Pensions is now nearing completion | FSCS |
| 24 Oct 2025 | FSCS update: Further to previous updates, our investigation into Heritage Pensions (Heritage) has identified that valid claims may ex… | FSCS |
| 06 Jan 2026 | FSCS update: Following our update on 24 October 2025, we’ve now moved TailorMade Investments (TMI) claims relating to Heritage Pensio… | FSCS |
| 04 Mar 2026 | Insolvency practitioner appointed: William Innes | Companies House |
| 01 Apr 2026 | Declared in default by the FSCS | FSCS |
| 01 Apr 2026 | FSCS update: FSCS has assessed a claim as eligible for compensation | FSCS |
Focused on the firm’s early history and the events leading up to and following its failure. 11 routine entries from its active years are omitted.
Who was involved?
The following individuals are listed on public records in connection with the firm. These are matters of public record only and their inclusion does not imply any wrongdoing by any named person.
- Richard John Petts. Listed on the FCA Register as having held CF10 Compliance Oversight (18/03/2009 to 08/12/2019), CF1 Director (18/03/2009 to 08/12/2019), SMF16 Compliance Oversight (09/12/2019 to 30/06/2023), SMF3 Executive Director (09/12/2019 to 30/06/2023) at the firm.
- Colin Bertram Worbey. Listed on the FCA Register as having held CF11 Money Laundering Reporting (21/01/2008 to 08/12/2019), CF3 Chief Executive (21/01/2008 to 08/12/2019), CF1 Director (21/01/2008 to 08/12/2019), SMF17 Money Laundering Reporting Officer (MLRO) (09/12/2019 to 30/06/2023) at the firm.
- Mark Innes Hancock. Listed on the FCA Register as having held CF1 Director (08/05/2012 to 08/12/2019), SMF3 Executive Director (09/12/2019 to 27/11/2020) at the firm.
- Yashwant Tosar. Listed on the FCA Register as having held CF1 Director (17/02/2010 to 31/10/2013) at the firm.
- John Stuart Hanson. Listed on the FCA Register as having held CF10 Compliance Oversight (21/01/2008 to 09/03/2009), CF1 Director (21/01/2008 to 09/03/2009) at the firm.
- Robert Ian Bray. Listed at Companies House as director (appointed 2007-10-02, resigned 2009-03-18).
- Michael Crosbie. Listed at Companies House as director (appointed 2007-10-02, resigned 2009-02-27).
- Yashwantkumar Jadavji Naran Tosar. Listed at Companies House as director (appointed 2007-10-02, resigned 2013-10-31).
- Michael Frederick John Williams. Listed at Companies House as director (appointed 2007-10-02, resigned 2009-03-18).
Review page sources: FCA Register (FRN 475096) · Companies House (06386995) · FSCS. Public records, provided for transparency.
