Stadia Trustees Limited was a Colchester based SIPP provider that was involved in the pension mis-selling scandal. Here’s everything you need to know about the scheme and what to do if you think you were mis-sold.
Stadia Trustees Limited
- Noisenep Sipp
- Essential Sipp
- Essex Community Foundation Sipp
- Hero Sipp, Investor Club Sipp
- Ipswich Sipp
- Liberator Sipp
- Munro Sipp
What were the problems with Stadia Trustees Limited?
Problems for Stadia Trustees first arose in 2011. The company was one of eight small SIPP firms inspected by the Financial Services Authority (FSA) as part of their efforts to tackle the risks posed by small firms and Ucis.
In 2013 Stadia Trustees put a halt to accepting all new regulated business after it varied its regulatory permissions as it could not meet capital adequacy requirements for Sipp providers imposed by the FSA in November 2012.
However, the company’s biggest downfall came in June 2018 when the Financial Services Compensation Scheme (FSCS) declared that Stadia Trustees was one of three Sipp providers in default. The FSCS also stated they had received 150 claims against Stadia over due diligence failings.
What was the outcome for investors?
As a result of Stadia’s actions, people lost money that they had invested with the company. The majority of these investments were covered by FSCS payouts, however, investors were left with worry about the state of their pension pots.
If you have had a SIPP with Stadia Trustees you may be owed compensation. Get in touch with us and we can pursue a claim on your behalf on a No Win No Fee basis.