Collapsed firm Liberty SIPP has been declared in default by the FSCS after being placed into administration on 27 April last year.

The news announced last week that Liberty SIPP Limited had entered administration should have come as no surprise following recent determinations by the Financial Ombudsman (FoS).

Liberty SIPP Limited has entered administration, opening the door to FSCS compensation claims for hundreds of clients.

SIPP and SSAS specialist EBS Pensions, part of the diverse Embark Group, has reported an 89% increase in client numbers and a pre-tax profit of £1.55m after making a loss the previous year.