Corporate & Professional Pensions – Westerby

Corporate & Professional Pensions (C&PP), a SIPP provider, has gone into administration. This is due to many complaints against them being upheld by the Financial Ombudsman Service.

The problem with high-risk, unregulated investments

  • C&PP had to pay compensation to three clients
  • These clients were advised to invest in a high-risk, unregulated scheme
  • It was called Platinum Agroforestry and offered by Sustainable AgroEnergy (SA)
  • This type of investment isn’t suitable for most ordinary investors

Issues with C&PP’s due diligence

  • C&PP relied on a due diligence report on the investment from Citadel Trustees
  • But SA had told Citadel to do the report, so it may not have been independent
  • C&PP also accepted 185 introductions from the same group of unregulated firms
  • The Ombudsman said C&PP’s due diligence wasn’t good enough to protect clients

Other unregulated firms involved

Several unregulated companies were linked to C&PP:

  • Citadel Trustees / Highpoint Trustees – questioned over due diligence on risky investments
  • S J Stone Ltd – director Stuart John Stone introduced clients to SIPP operators, later jailed for fraud
  • Protea Wealth Management – co-directed by Stuart John Stone, unclear if they applied for FCA authorisation
  • Portwood Financial Services Ltd – no clear link to C&PP

What to do if you think you’re affected

  • If you dealt with these firms and moved your pension or invested, you might have gotten bad advice
  • Don’t assume everything is okay just because your statements look good
  • Get your transaction checked by a claims expert, especially if your investments have lost value or can’t be sold
  • Being informed helps protect you as an investor

Summary:

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