Selectapension’s DB transfer arm declared insolvent

Provider Selectapension’s arm that executed defined benefit advice has gone into administration according to an insolvency notice published by The Gazette.

The update says Selectapension Bureau Services went into liquidation in October last year with Crowe U.K appointed as liquidators.

The notice marks the end of Selectapension’s decision to pull out of the DB transfers market that has been in motion for the past 18 months.

In June 2017 Selectapension’s advice partner CFPML was visited by the FCA for an audit, which resulted in the firm deciding to voluntarily suspend cases while it made changes to processes and cleared outstanding backlog.

At the time, Selectapension said it was looking to resume new cases “at the earliest opportunity,” confirming this was set to happen in October 2017.

However this was delayed as the FCA placed a restriction on CFPML in November 2017, which resulted in Selectapension losing its advice partner, which was needed to keep the bureau going.

On the back of losing CFPML, Selectapension managing director Andy McCabe said in November Selectapension was “reviewing” its proposition covering DB transfer advice services but would continue to offer transfer value analysis reports.

Back in August 2018 Money Marketing reported Selectapension had no plans to reopen its bureau.