Mattioli Woods to wind up Freedom SIPP

Control of Freedom SIPP has been granted to Mattioli Woods by the scheme’s liquidators.

The SIPP, which ran into trouble in late 2008 after HMRC raised concerned over certain investments, has been administered by PrivewaterhouseCoopers since the firm was forced into liquidation in October last year.

Mattioli Woods says the move will give Freedom SIPP clients ‘much needed' stability and security.

HMRC has threatened to deregister the scheme, which could lead to huge tax charges for clients, but Mattioli Woods says it will provide robust administration to wind-up the SIPP.

Investors will be able to transfer to Mattioli Woods' SIPP, or will be assisted in finding an alternative provider.

Bob Woods, chairman of the firm, says: "Whilst it was important to assess Freedom SIPP in a business context, it was also important to ensure that the members caught up in the scheme's problems are properly advised to bring their affairs back on track as soon as possible."

Scheme members can contact operations director Mark Smith on 0116 240 8700 to discuss their case.