Forthplus are a pension provider and administrator, regulated by the Financial Conduct Authority (FCA). It provided a Self-Invested Personal Pension (SIPP) scheme to approximately 2,500 customers. Most customers were UK expatriates.
Forthplus Pension Ltd were based in Edinburgh and were previously known as Helium Miracle 119 Ltd and Athena Pensions Ltd.
They hit the headlines after concerns that two overseas based companies, who had introduced business to Forthplus, may have given clients unsuitable transfer advice regarding their SIPPs.
On 6th 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”.A large number of complaints at the Financial Ombudsman Service relating to their due diligence was a contributing factor.