SIPPs: Shock as SIPP provider goes into administration

Businessman Builds a TowerThousands of SIPP investors have today learned that their SIPP (Self-Invested Personal Pension) provider has gone into administration. A notice on the FCA (Financial Conduct Authority) website, posted yesterday, says: “Having reached an assessment that it was no longer solvent, EPML (European Pensions Management Ltd) made an application to the court to formally initiate insolvency proceedings.” Administrators According to the FCA website EPML, who offered a range of different SIPPs, has approximately 6,000 customers. According to their website EPML also offered ISAs (Individual Savings Accounts) and SSAS (Small Self-Administered Schemes). Joint ...