Heritage Pensions Limited (Heritage), is a SIPP operator authorised and regulated by the FCA. On 17 March 2022 the directors appointed Paul David Williams and Edward Robert Bines of Kroll Advisory Ltd (“Kroll”) as joint liquidators. The liquidators are all qualified insolvency practitioners. We set out the steps Heritage clients should take and advice on how to protect against scams.
What has happened to my Heritage pension?
On 18 November 2021, the sale of Heritage’s SIPP book to PSG SIPP was completed. PSG SIPP is an FCA authorised and regulated SIPP Operator. Heritage stopped administering any personal pension schemes at this time, therefore, customers who held a Heritage SIPP are not affected by the liquidation. If you were a customer of Heritage, you should contact PSG SIPP (using the details below) if you have any questions or see below on how to claim compensation though the Financial Compensation Scheme (FSCS).
PSG SIPP’s contact details:
- [email protected]
- 01249 280020
Being alert to scams
All customers should remain alert to the possibility of fraud. If you were a client of Heritage and are cold called by someone claiming to be from Heritage, Kroll or any other company claiming to be involved in the Heritage administration, end the call and contact the liquidators:
- [email protected]
- 020 7089 4886
See more on how to protect yourself from the most common types of scams. The ScamSmart pages on our website also provide advice on how to avoid investment and pension scams.
What happens to Heritage Pensions now it is in liquidation?
Although Heritage is in liquidation, it remains an FCA authorised firm and is still subject to our rules. Heritage no longer administers any personal pension schemes.
Why has Heritage Pension entered liquidation?
Heritage sought professional insolvency advice following final decisions issued by the Financial Ombudsman Service (FOS). Based on the insolvency advice, the directors of Heritage recognised the firm was insolvent and made the decision to place it into liquidation. This was a result of the firm being unable to pay the redress due from the FOS final decisions on the due diligence completed by the firm prior to taking on some investments in its SIPP.
The FCA published Final Guidance for SIPP Operators in 2013 on the due diligence we expect them to conduct.
What should I do if I want to claim compensation?
The Financial Services Compensation Scheme (FSCS) is now open to customer claims against Heritage. The FSCS will now be investigating whether there are any claims that meet their qualifying conditions for compensation. The FSCS protects consumers when authorised firms fail and can pay compensation of up to £85,000 where claims are eligible under their compensation rules. If you are a client of Heritage, you should visit the dedicated FSCS web page. They will update this page as it's investigations progress.
There is more general information about the FSCS on its website or you can call 0800 678 1100 to speak to them directly.
What should I do if I have an existing complaint against Heritage?
The liquidators will be writing to you to explain next steps and the process to make a complaint.
If you have already referred a complaint to the FOS, you do not need to take any action. As the firm is in liquidation the FOS will contact you in due course regarding the next steps and potentially moving your complaint to the FSCS.
Do I need to use a third party to make a claim?
You do not need to use a claims management company (CMC) to make a claim against the firm through the FSCS. CMCs may approach clients of Heritage offering help to bring claims against it. Be cautious if you are approached by one of these companies.
For most consumers, there is no benefit to using a third party to make a claim. Any clients of Heritage who believe they have a complaint against the firm should contact the FSCS in the first instance. You should note that you can approach the FSCS for free, if you wish them to consider and review your case and any claim that you believe you have against Heritage.