The Financial Services Compensation Scheme has declared SIPP provider Heritage Pensions Limited (FRN 475096) in default three years after the firm went into liquidation.
The decision opens the door to ex-clients to claim up to £85,000 successful claim.
The FSCS said it had received 129 claims against Heritage, which was based in Bedford originally.
One claim has now been upheld triggering the declaration of default by the industry-funded safety-net.
The FSCS said that because of the complex nature of some of the cases the investigation had taken longer than originally anticipated.
The FSCS has seen a number of complex cases due to the failure of a number of specialist SIPP providers.
Heritage went into liquidation after being unable to pay compensation awards made by the Financial Ombudsman Service.
When companies are unable to meet the cost of redress the FSCS can step in when compensation is due to ex-clients but the company has no means to meet the claims.
In March 2022 the directors of the firm appointed Paul David Williams and Edward Robert Bines of Kroll Advisory Ltd as joint liquidators.
In November 2021 Heritage’s SIPP book was sold to PSG SIPP, an FCA authorised and regulated SIPP operator. Heritage stopped administering any personal pension schemes at this time.
Some of the claims rare connected to TailorMade Investments which introduced some clients to Heritage. Some of the claims are still under investigation.