The Financial Services Compensation Scheme (FSCS) has, so far, received 1,064 claims against pension provider Guinnes Mahon Trust Corporation, which entered administration in February 2020.
The lifeboat scheme confirmed to International Adviser that, for the time being, there are no compensation payments on record because Guinness Mahon is still pending default.
In its latest update on the firm, on 14 August 2020, it said: “FSCS has received further documents from the administrators to help us with our investigation.
“Once we have reviewed these documents, we hope to be able to decide if the failed firm owes a civil liability to its customers.”
M&A
As soon as Guinness Mahon entered administration, its business and some of its assets were sold to Hartley Pensions for an undisclosed sum.
The deal included the transfer of around 4,000 Sipps, with an investment value of approximately £300m ($386m, €327m).
But the legal entity was not included, and it is still in administration.
At the time of the acquisition, the joint administrators from Smith & Williamson said clients’ right to claim compensation would remain unaffected.
IA contacted Hartley Pension but did not receive a comment in time for publication.
