If you are a client of Corporate & Professional, the administrators will be writing to you shortly to explain what this means for you and what action you should take. If you do not receive a letter from the administrators in the next 7 days, you should contact the administrators.
Being alert to scams
All customers should remain alert to the possibility of fraud. If you are a client of Corporate & Professional and are cold called by someone claiming to be from Corporate & Professional, Smith & Williamson LLP or any other company claiming to be involved in the Corporate & Professional administration, please end the call and call the administrators:
Email: cppl@smithandwilliamson.com
Call: 020 7131 4873
For further information on how to protect yourself from the most common types of scams visit our protect yourself from scams and Scamsmart pages.
What happens to Corporate & Professional now it is in administration?
Although Corporate & Professional is in administration, it remains an FCA-authorised firm and is still subject to our rules. It can continue to operate existing pensions whilst the administrators look for a new operator.
What happens to my pension pot?
The administrators will also continue to accept regular contributions from clients into their pensions. This will be kept under review and if this changes the administrators will contact any clients affected.
Pension assets are held by C&P Trustees Ltd, which has not entered administration.
What happens next?
We are in regular contact with the administrators who are looking at the options available, including the transfer of Corporate & Professional’s clients to another FCA regulated SIPP operator. This option is likely to result in the least disruption to Corporate & Professional’s clients.
The administrators will publish detailed guidance of the next steps for Corporate & Professional’s clients and creditors on a dedicated webpage.
Why has Corporate & Professional entered administration?
Corporate & Professional has sought professional insolvency advice and as a result the directors recognised it was insolvent and no longer able to operate outside of an insolvency process.
This was a result of the firm being unable to pay Financial Ombudsman Service final decisions related to the due diligence completed by the firm prior to taking on some pension investments. We published final guidance for SIPP Operators in 2013 on the due diligence we expect them to conduct.
Following advice from Smith & Williamson, the directors made the decision to place the firm into administration.
What should I do if I want to complain?
The Financial Services Compensation Scheme (FSCS) will now investigate whether there are any claims that meet their qualifying conditions for compensation. FSCS protects consumers when authorised firms fail and can pay compensation of up to £85,000 where claims are eligible under their compensation rules. If you are a client of Corporate & Professional you should visit the FSCS website by using this link to find more about FSCS and its investigations. FSCS will update this page as its investigations progress and will invite claims if it is able to do so.
There is more general information about the FSCS on its website or you can call 0800 678 1100 to speak to them directly.
What should I do if I have an existing complaint against Corporate & Professional?
The administrators will be writing to you to explain next steps and the process to make a complaint.
If you have already referred a complaint to the ombudsman service, you don’t need to take any action. As the firm is in administration the ombudsman service will contact you in due course regarding the next steps and potentially moving the case to the Financial Services Compensation Scheme (FSCS).
Do I need to use a third party to make a claim?
You do not need to use a claims management company (CMC) to make a claim against the firm or through the FSCS. CMCs may approach clients of Corporate & Professional offering help to bring claims against it. Be cautious if you are approached by one of these companies.
For most consumers, there is no benefit to using a third party to make a claim. Any clients of Corporate & Professional who believe they have a complaint against the firm should contact the FSCS in the first instance.
|
