SIPP providers asked by Strand Capital administrators to consider paying their insurance after collapse

Administrators presiding over Strand Capital DFM have asked SIPP providers to consider paying the DFM’s insurance in the event that claims are made against it for losses.

Strand Capital DFM, which is said to have over £86 Million under management, entered special administration back in May and had restrictions on it’s permission placed on it by the FCA, and was invested through via many SIPPs – Self Invested Personal Pensions.

Strand Capital DFMs

Discretionary Fund Management is where money for investment is given to a discretionary fund manager, who invests the money on your behalf, based on the risk parameters laid out, for instance, if you want only low-risk funds, that’s what the DFM has to work with.

In this case, the DFM has gone into administration, and future on the funds under management may be at risk, and now 8 SIPP providers have been written to, asking if they will contribute towards the business’ insurance so it may be able to pay out on claims made against it.

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Spencer Churchill Claims Advice are a leading claims management company, specialising in mis-sold pensions and investments