It was announced yesterday (19/09/2019) that the Self Invested Personal Pension (SIPP) provider Berkeley Burke had entered administration. What does this mean, and what happens next?
Well the background is familiar to many readers - but in short, Berkeley Burke had been facing mounting legal costs and eventually the pressure seems to have been too much. Alongside the legal cases, Berkeley Burke had also been facing a large number of direct complaints, and complaints via the Financial Ombudsman Service (FOS) - all of which would have meant further pressure.
The main allegations have centred around due diligence failings - particularly in respect of what are known as "unregulated assets". In the case of Berkeley Burke SIPP investments, these have included store pod investments with Store First Ltd, overseas property developments, and Global Forestry.
So if you have been affected what happens next?
The Financial Services Compensation Scheme (FSCS) has made announcements on its own website about Berkeley Burke, and it is believed that many claims will now fall upon the FSCS. You can pursue these types of claims yourself - or you could choose to use a claims management company, who will charge a fee.
To find out the latest news, and learn more detail about what has happened, check out our web page here: Berkeley Burke Administration News
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