This could mean that Berkeley Burke has to pay out millions of pounds in compensation.
But SIPP providers are usually neither asset rich nor have adequate insurance levels to cope with such claims. It therefore comes as no surprise that the firm recently confirmed that it had appointed advisers to help deal with enquiries from interested buyers.
No doubt the cost of the whole mess will fall to the FSCS
As always, if you haven’t already complained, or even if you have made a claim with the FSCS, get any transactions reviewed . You may be entitled to claim for uncompensated losses.