On 6 September, the board of Forthplus Pensions wrote to advisers to inform them that its inability to renew or secure professional indemnity insurance meant the firm’s international Sipp could no longer accept applications.
In an update on 20 September, managing director Chris Holyoak said that, “unfortunately, after many consultations with the FCA, we have come to the very difficult decision that we will not be able to accept any transfers that have not already completed”.
Forthplus is writing to the existing pension providers requesting they cease any remaining transfers.
Holyoak added: “Whilst this is a very regrettable situation, we can confirm that there is no risk to your clients’ current pensions. This is held in a trust and will continue to operate as normal as previously communicated.”
Echoing his letter from two weeks ago, Holyoak said the “matter is temporary but outside of our immediate control”.
