SIPP operator Corporate & Professional Pensions Ltd (FRN: 465748) has been declared in default by the Financial Services Compensation Scheme.

The FSCS decision opens the door to ex-clients of the Weymouth, Dorset firm to claim compensation of up to £85,000 per successful claim.

The FSCS said the firm was declared in default today (25 July) when the first claim against it was upheld. The FSCS said it has received 100 claims against the firm relating to SIPP and pension advice.

According to Companies House records, the firm was first incorporated in April 1993. It was known as Corporate and Professional Limited until April 2001.

The firm was first authorised in May 2007 according to the FCA Register.

The directors of the firm are listed as Olive Platt, 71, and Raymond Platt, 78, both of the same address in Weymouth, according to Companies House.

The FCA said that in 2022 Corporate & Professional sought professional insolvency advice and as a result the directors recognised it was insolvent and no longer able to operate outside of an insolvency process.

The FCA said: “This was a result of the firm being unable to pay Financial Ombudsman Service final decisions related to the due diligence completed by the firm prior to taking on some pension investments.”

On 1 February 2022, the directors of the firm appointed Adam Stephens and Nick Myers of Smith & Williamson LLP as joint administrators. Smith & Williamson LLP is now known under its new brand name of Evelyn Partners.

The joint administrators completed a sale ofCorporate & Professional Pensions Ltd's business and certain assets to Westerby Trustee Services Limited on 17 March 2022.

FSCS said it “is investigating whether there are any claims that meet the qualifying conditions for compensation. As part of this investigation, we're working closely with the Administrators.”

Last month Kent-based financial advice firm Christopher Barker, trading as Apollo Pension & Investment Advisers (FRN: 470611), was declared in default by the Financial Services Compensation Scheme.