Yet another SIPP operator has been forced into administration.
Rowanmoor Personal Pensions Limited is a Self Invested Personal Pension (SIPP) operator which is authorised and regulated by the Financial Conduct Authority. Rowanmoor operated approximately 4,800 pensions with assets under administration of £1.5bn.
On 31 August 2022 Rowanmoor appointed administrators to run the business.
Apparently, the Financial Ombudsman Service had received 214 complaints against Rowanmoor between the Lloyds acquisition of Embark and the £1.5bn SIPP business entering administration. It has since transpired that some 1,387 of Rowanmoor’s introductions were from CIB (Life & Pensions) Limited, a firm whose advice led to Rowanmoor’s clients investing in unregulated offshore schemes, losing them thousands. These introductions accounted for 26.9% of Rowanmoor’s business between 2009 and 2013.
Currently there are 1,013 complaints against Rowanmoor to the Financial Ombudsman Service and these will now have to be transferred to the Financial Services Compensation Scheme.
Any pension investor who has an account with Rowanmoor and who feels they have suffered a financial loss should contact us without delay for a completely free and no obligation assessment of their case.