Corporate & Professional Pensions Limited (Corporate & Professional), is a SIPP operator authorised and regulated by the FCA. On 1 February 2022 the directors appointed Adam Stephens and Nick Myers of Evelyn Partners (formerly Smith & Williamson LLP) as joint administrators (administrators). The administrators are qualified insolvency practitioners. We set out the steps Corporate & Professional’s clients should take and advice on how to protect against scams.
Who should I contact about the operation of my Corporate & Professional SIPP?
If you are a customer of Corporate & Professional, the administrators should have written to you to explain what this means, and what action you should take.
If you have not received a letter from the administrators, please contact them:
- email: [email protected]
- call: 020 7131 4873
- dedicated webpage[1]
On 17 March 2022 the administrators completed a sale of all customers’ SIPPs to Westerby Trustee Services Limited (Westerby).
Customers can contact Westerby about the operation of their SIPP:
- call: 0116 326 0183
- email: [email protected]
- write to: Westerby Trustee Services Limited, The Crescent, King Street, Leicester, LE1 6RX
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, Evelyn Partners (formerly Smith & Williamson LLP) or any other company claiming to be involved in the Corporate & Professional administration, please end the call and contact Evelyn Partners using the details provided above.
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.
Pension assets are held by C&P Trustees Ltd, which has not entered administration.
Why has Corporate & Professional entered administration?
Corporate & Professional 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[2] for SIPP Operators in 2013 on the due diligence we expect them to conduct.
What should I do if I want to complain about Corporate & Professional?
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[3] 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[4] 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?
If you have already referred a complaint to the Financial Ombudsman about Corporate & Professional, you don’t need to take any action. As the firm is in administration the Financial Ombudsman will contact you in due course regarding the next steps and potentially moving the case to the 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.