Compensation Green Light for Customers of Failed Pension Firms

Thousands of customers of two failed pension providers can now claim for losses after the Financial Services Compensation Scheme declared the firms in default, the Financial Times reported. GPC Sipp and Lifetime Sipp are the latest in a string of private pension operators to collapse, prompting a wave of compensation claims at the FSCS. The FSCS, which provides a safety net for customers of failed investment businesses, said it was accepting claims against GPC Sipp, which was placed into administration on Tuesday. GPC was operating around 2,700 self-invested personal pensions (Sipps) at the time of its collapse. On Friday, the FSCS declared the Lifetime Sipp company in default and said that claims already submitted against Lifetime would “shortly be passed to processing teams for assessment”. Lifetime had about 400 Sipp customers. Read more