FSCS to accept claims as £130m Sipp provider collapses

The Financial Services Compensation Scheme is accepting claims against GPC Sipp that was placed into administration on 11 June 2019. GPC Sipp, which provides pension administration for Guardian Pension Trustees, has appointed Adam Stephens and Henry Shinners of Smith & Williamson as joint administrators. It administers around 3,200 Sipps and around 50 SSASs, with a total investment value of roughly £130m. GPC became insolvent because it had about 2,700 Sipps holding alternative investments, several of which failed, such as Harlequin Properties, a luxury hotel development that was n...