ROWANMOOR
The company known as Rowanmoor advertised itself as being the leading pension provider in the UK, however many of their clients were disappointed with the services they provided as their investments lost money and there was a distinct lack of ownership when it comes to problems with investments.
Company Structure and Administration
Rowanmoor was composed of three entities:
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Rowanmoor Personal Pensions Limited (RPPL) FRN 458260: Entered administration on 31 August 2022 due to numerous complaints about high-risk, non-standard investments within its SIPPs.
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Rowanmoor Trustees Limited (RTL): Faced significant challenges and was anticipated to enter liquidation by January 2025.
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Rowanmoor Executive Pensions Limited (REPL): Acquired by WBR Group in December 2022, which took over its book of approximately 3,500 Small Self-Administered Schemes (SSASs).
Client Concerns and Compensation Claims
Clients reported losses due to investments in unregulated and high-risk schemes, such as overseas property developments.The Financial Services Compensation Scheme (FSCS) has been processing claims against RPPL, with nearly 1,500 claims in the pipeline as of December 2023.
If you were advised to transfer your pension into a Rowanmoor SIPP or Family Pension Trust and have experienced losses, you may be eligible for compensation. It’s advisable to review your transactions and seek professional advice promptly, as time limits may apply to compensation claims.
Recent Developments
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Sale of SIPP and FPT Business: In March 2023, RPPL’s SIPP and Family Pension Trust business was sold to Alltrust Services Limited, ensuring continuity of service for clients.
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Pensions Ombudsman Determinations: The Pensions Ombudsman has upheld complaints against RTL for failing to fulfill its duties as a trustee, particularly concerning inadequate due diligence on investments.
Compensation Claim
Many of the company’s clients are not aware that they can claim for compensation if they were given advice to move funds out of their pension into Rowanmoor through a family pension trust or a Self-Invested Personal Pension (SIPP). The investments are not liquid or therefore accessible, clients are paying expensive yearly charges and fees despite the fact that their investments are valued at nil. Rowanmoor didn’t adequately vet investments prior to putting them into their portfolio, the company should have done more to keep their clients pension funds protected.
Fortunately for these clients we specialise in helping people to progress their compensation claims against the likes of Rowanmoor, our legal experts are highly experienced and have helped lots of people to recover their losses.
Seek Claims Advice
Rowanmoor has had stories about the company feature in the media on a number of occasions. One such instance was when the police investigated a company director for fraud in 2009. Then, more recently, it was found by a pension ombudsman that the process the company used for insuring property investments wasn’t adequate.
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.
