Ian Robert and Ryan Davies of insolvency practitioners Kingston Smith & Partners were named administrators on 29 March.
Bristol-based Lifetime Sipp’s company website confirmed the appointment.
It stated: “The affairs, business and property of the company are being managed by the administrators who act as agents of the company and without personal liability.”
Protect consumers
On 3 April, Robert provided an update: “Following our appointment, our priority is to protect the position of the consumers as best as possible.
“We’ve been in contact with the [FCA] about our appointment and will continue to keep them informed during the administration.
“We’re aware there are a number of claims currently with the Financial Ombudsman Service which will continue.”
It is not known at this stage what prompted clients to seek redress via the ombudsman or why administrators were appointed to Lifetime Sipp.
Robert continued: “Efforts are being made to transfer the administration of the numbers Sipps as efficiently as possible to ensure the minimum disruption and loss to customers.”
The statement added that Lifetime Sipp does not give financial advice and “anyone who is affected by this insolvency should contact their own independent financial adviser initially”.
