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Lifetime Sipp Company faces £56m in compensation claims

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According to administrators, claims against the Lifetime Sipp Company are valued at £56m.

This could increase in the coming months. Are you a Lifetime Sipp Company customer? If so, read on for the latest update.

What’s happening with Lifetime Sipp Company?

The self-invested personal pension (SIPP) provider fell into administration earlier this year. The company cited the number of mis-selling complaints made against it by investors as one of the reasons for the closure. They would not offer more details on this.

The assets are spread across 2,018 clients. They account for the £56m in claims made against the SIPP provider. However, administrators contacted 3,500 addresses, so we know there are a lot more people affected out there. We can help if you’re one of them.

The collapse followed a link with the fraudulent Harlequin Properties scheme.

What’s the link with Harlequin Properties?

The Harlequin Properties scheme sold investors a share of a luxury Caribbean holiday resort. Big names such as Liverpool Football Club, TV property guru Phil Spencer and football pundit Andy Townsend endorsed and invested in the scheme.

In fact, thousands invested into the scheme. However only 300 of the 6,000 properties planned were built, leaving many out of pocket. The rest never came to fruition as the scheme went bust.

The scheme was investigated by the Serious Fraud Office (SFO). More than £400m was lost. Investors now want compensation with the help of expert mis-selling solicitors like ourselves.

Does the Hartley Pensions buyout solve anything?

The Lifetime Sipp Company’s “untainted” assets have been bought by Hartley Pensions. The SIPP provider has also agreed to administer the SIPPs left over by the company.

Hartley Pensions is also set to work with people impacted by the mis-selling. They will also assist with the process through the Financial Services Compensation Scheme (FSCS).

If you invested in a SIPP scheme through The Lifetime Sipp Company, get in touch. Our team of experts can offer advice on your case on a no win, no fee basis.