The Liberty SIPP Limited business and customer assets were sold to EBS Pensions Limited, part of the Embark Group, in October 2018. The legal entity Liberty SIPP Limited was not part of this sale and as a consequence no longer has any customer assets under administration.
If you are a former customer of Liberty, 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 10 working days, you should contact the administrators.
To contact the administrators:
Why has Liberty SIPP Limited entered administration?
Following a number of binding decisions from the Financial Ombudsman Service (the Ombudsman Service) the company was advised that it was insolvent based on the number of potential claims relating to high-risk non-standard investments. It was advised it should enter administration to provide protection for creditors including former customers.
What to do if you already have a complaint with the Financial Ombudsman Service
If you already have a claim with the Ombudsman Service, you don’t need to take any action. It will be in touch with you in due course to tell you what the next step will be. However, if you require further information, you can contact it on:
Can I still make a complaint?
Yes, however, as the firm has now entered administration these need to be made directly to the Financial Services Compensation Scheme (FSCS).
What is the FSCS and will I be eligible for compensation?
The FSCS protects consumers when financial services firms fail. It is the compensation scheme of last resort for customers of UK-authorised financial services firms. It has eligibility criteria in respect of the activities and the people who are covered.
FSCS may be able to compensate you up to £85,000 per eligible person, per firm, if you’ve a valid claim against a firm that has failed. You can find more information about the FSCS on its website, which includes relevant information if you were advised by an FCA authorised advisor.
The FSCS is accepting claims and any right that former customers may have to bring a claim against Liberty SIPP Limited to the FSCS will be unaffected by their decision to be placed into administration.
Do I need to use a third party to make a claim?
Claims management companies (CMCs) may approach former customers of Liberty SIPP Limited offering help to bring claims against it. Be cautious if you are approached by one of these companies.
For the vast majority of former Liberty customers, there is no benefit in involving a third party in making a claim and you will be charged for their services. Any former customer who believes they have a complaint against the firm should contact the free to consumer services of the FSCS in the first instance.
Being alert to scams
All former customers should remain alert to the possibility of fraud and scams. If you are cold-called by someone claiming to be from Liberty SIPP Limited, Leonard Curtis or any other company claiming to be involved in the Liberty SIPP Limited administration, please end the call and call the administrators using the number 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.