25th Jan 2010 07:00
25 January 2010
Mattioli Woods plc
("Mattioli Woods" or "the Group")
The Freedom SIPP Limited
Mattioli Woods plc (AIM: MTW.L), the specialist pensions consultancy, today announces it has been appointed as agent of The Freedom SIPP Limited by the scheme's liquidators, PricewaterhouseCoopers ("PwC").
Clients of The Freedom SIPP have been facing great uncertainty and the threat of HM Revenue & Customs deregistering the scheme, resulting in the imposition of highly punitive tax charges. Mattioli Woods has worked closely with the Financial Services Authority ("FSA") and PwC to develop solutions for the troubled SIPP operation. As agent, Mattioli Woods will now focus on providing robust administration around the winding-up of the Freedom SIPP, assisting members to transfer their existing arrangements to Mattioli Woods or an alternative provider. There are estimated to be around 180 members remaining within the scheme.
Commenting, Bob Woods, Chairman of Mattioli Woods said: "Whilst we had to assess the issues of The 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. This is particularly relevant in the aftermath of the banking crisis and what is still a very difficult economic and investment climate. We look forward to working closely with the members of The Freedom SIPP to restore their confidence in both their scheme and the industry."
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For further information please contact:
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Mattioli Woods plc |
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Mark Smith, Operations Director |
Tel: +44 (0) 116 240 8700 |
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www.mattioli-woods.com |
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Murray Smith, Marketing and Sales Director |
Tel: +44 (0) 116 240 8700 |
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www.mattioli-woods.com |
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Nathan Imlach, Finance Director |
Tel: +44 (0) 116 240 8700 |
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www.mattioli-woods.com |
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Evolution Securities Limited |
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Joanne Lake, Corporate Finance |
Tel: +44 (0) 113 243 1619 |
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www.evosecurities.com |
Media enquiries:
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Financial Dynamics Limited |
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Ed Gascoigne-Pees / Nick Henderson |
Tel: +44 (0) 20 7269 7114 |
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www.fd.com |
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