PSG Sipp Limited has fallen into administration, with Christopher Allen and Adam Stephens of Evelyn Partners appointed as joint administrators.
The Wiltshire-based Sipp provider ceased trading on Friday (25 October), according to the FCA.
It has been under increasing pressure from customers over the handling of Sipp transfers and poor communication.
The joint administrators have sold the majority of PSG’s assets and all Sipp schemes, except the Unity Sipp, to Alltrust Services Ltd.
PSG’s employees and directors have transferred to Alltrust, which manages £2.8bn of clients’ assets.
The joint administrators have also exchanged contracts with London & Colonial Services Ltd for the sale of PSG’s Unity Sipp business.
PSG’s former staff will continue to administer the Unity SIPP until the sale to London & Colonial (LCS) is completed.
It is currently anticipated that the transfer will complete by 15 January 2025.
The FCA said the LCS, upon completion of the sale, will write to impacted customers to explain what is happening to their pension funds, as will Evelyn Partners.
These deals mean that PSG Sipp customers, including Unity SIPP customers, can continue to contribute, withdraw and make investment decisions the same as before.
Evelyn Partners and Alltrust will communicate next steps to customers holding Sipps previously administered by PSG Sipp.
Meanwhile, the Financial Services Compensation Scheme said it is not currently open to customer claims against PSG Sipp.
The FSCS added that it will work closely with the administrators of PSG Sipp to investigate whether any claims qualify for compensation and will notify the impacted customers.
I am not sure those with assets on Brite’s platform can contribute, withdraw and make investment decisions until the Courts and Administrators in Australia have finalised their transactions.
PSG SIPP’s directors chose to put the firm into administration due to potential liabilities from assets it invested on Australia’s Brite Pty platform. PSG SIPP sought professional advice, concluding that the firm would become insolvent should the liabilities crystalize.
Have these liabilities been sorted?