Another SIPP provider – the Guardian Pension Consultants (GPC SIPP) - has entered administration.
The company, which administers pensions for Guardian Pension Trustees, held £130 million of client assets.
GPC SIPP has exposure to failed investments such as Harlequin, Ethical Forestry, InvestUS , Harmony Bay, SCS Farmland as well as other high risk or unregulated investments such as The Resort Group.
The appointed insolvency practitioners Adam Stephens and Henry Shinners of Smith & Williamson were appointed as joint administrators of GPC SIPP yesterday.
The administrators are looking for a buyer for the provider and have held discussions with other firms about this.
GPC SIPP’s collapse comes as many SIPP providers are facing huge challenges from potential claims over the due diligence of the investments they accepted.
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