Rowanmoor Personal Pensions Limited was declared in FSCS default in December 2023. The FSCS is actively paying out compensation for Rowanmoor's due diligence failures — particularly regarding The Resort Group (TRG) Cape Verde property investments and overseas unregulated adviser networks. Claims are now open.
FSCS default declared: December 2023
Rowanmoor Personal Pensions Limited was one of the UK's largest independent SIPP operators before its collapse. It accepted substantial volumes of business from overseas and UK-based unregulated financial advisers who directed clients into high-risk, non-standard investments — most notably The Resort Group (TRG) Cape Verde fractional hotel room investments and carbon credit schemes.
The FOS consistently upheld complaints against Rowanmoor, finding that it had failed to conduct adequate due diligence on the introducers directing business to it and on the underlying investments. In the carbon credits case (DRN-3632777), the FOS found Rowanmoor had failed to ensure the investment worked as claimed, that there was a viable exit market, or that the investment was suitable for inclusion in a personal pension.
Alltrust Services Limited acquired Rowanmoor's SIPP book from administrators in 2023. The FSCS declared Rowanmoor in default in December 2023 and is actively paying compensation to eligible claimants. Alltrust is separately responsible only for ongoing administration, not for Rowanmoor's original due diligence failures.
The following decisions are a matter of public record held in the FOS decisions database. Summaries are factual and based on published ombudsman findings. Decision references can be verified at financial-ombudsman.org.uk.
The ombudsman upheld the complaint against Rowanmoor, finding it had failed to ensure the Carbon Energy investment worked as claimed, that the investment was carbon-regulated and verified, that there was a viable secondary market for the claimant to sell his units, or that Carbon Energy was regulated. The FOS found these failures constituted a breach of Rowanmoor's regulatory obligations under FCA Principles 2 and 6 and directed full compensation based on the amount transferred into the Rowanmoor SIPP.
Rowanmoor was declared in FSCS default in December 2023. The FSCS is actively paying compensation for due diligence failures particularly relating to The Resort Group Cape Verde investments and carbon credit schemes introduced via unregulated advisers.
Up to £85,000Where your Rowanmoor losses exceed £85,000 or where the overseas unregulated introducer triggers FSMA s.27 unwinding rights, civil proceedings may recover the full transfer value uncapped. TRG Cape Verde cases frequently involve overseas unregulated advisers with no FCA authorisation.
Uncapped — s.27 FSMAFSCS default declared December 2023 — active claims window. The FSCS route is fully open for Rowanmoor claimants. However, the FOS six-year absolute clock on the original transfer runs independently. Many Rowanmoor clients transferred between 2010 and 2016. For transfers before 2018, the six-year FOS absolute clock has expired — but the FSCS route, the FSMA s.27 civil route, and the three-year awareness clock each have different rules. Do not assume the window is closed. See redressadvisory.com/time-limits for the full limitation framework.
Figures are indicative only and based on typical case profiles. Your actual position depends on your specific circumstances, the transfer value, and the applicable claim route. Not a guarantee of outcome.
The Resort Group (TRG) marketed fractional hotel room investments in Cape Verde, a Portuguese island archipelago off West Africa. Investors were promised rental income from hotel operations. The investment became difficult to value and largely illiquid. It was introduced to Rowanmoor clients via a network of overseas unregulated advisers.
No. Alltrust acquired Rowanmoor's administrative function only. It has no liability for Rowanmoor's original due diligence failures. Your compensation claim is against the FSCS in respect of Rowanmoor's failures, not against Alltrust.
Yes. You do not need to have realised your loss for a claim to be valid. The FOS and FSCS assess compensation based on the original transfer value compared to the current value, including illiquid assets valued at their current market worth.
This actually strengthens your claim. Where your overseas adviser was not FCA-authorised at the time of transfer, FSMA s.27 provides a standalone civil court remedy for full unwinding of the contract. The compensation is not limited to the £85,000 FSCS cap.
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