Suffolk Life buys EPM

Close-up image of a firm handshake between two colleaguesLast month we reported that European Pensions Management Ltd (EPML) had gone into administration. It has now been revealed that EMPL has been acquired by Suffolk Life, which itself was bought by Curtis Banks in January of this year. Administration EPML, which started trading in 2001, went into administration on 21st June 2016. In a statement on its website, administrator, Smith & Williamson, said: “Clients of the Company (EPML) should now be aware that following a number of sales undertaken by the joint special administrators, all ...

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 ...

SIPPs: Providers split on whether investment choice should be restricted

Providers split on whether investment choice should be restrictedSelf-Invested Personal Pensions (SIPPs) are popular with investors mainly because of the investment flexibility they offer, compared to other forms of pension. However, regulators have warned that some investors, as well as unscrupulous advisers and salespeople, are taking advantage of this flexibility by taking out or selling investments, which may not meet HMRC rules and could therefore lead to unforeseen tax charges. One possible solution, to the problem of assessing whether an investment meets HMRC rules, and therefore avoid a tax penalty, would be ...