Pensions · SIPP · 9 min read

Rowanmoor SIPP Claim — Were You Mis-sold? How to Claim Compensation in 2026

By Nadeem Pervaz, mis-selling.co.uk · 28 January 2026

Who Was Rowanmoor Personal Pensions?

Rowanmoor Personal Pensions Limited was a Self-Invested Personal Pension (SIPP) operator. At the time of its administration it held about £1.4–1.5 billion of client assets. The problems arose from business it accepted during the 2010s, when clients introduced through third parties held high-risk, non-standard investments inside their Rowanmoor SIPPs.

Rowanmoor went into administration on 31 August 2022, after its directors concluded it was insolvent because of liabilities from existing and potential complaints. Adam Stephens and Chris Allen of Evelyn Partners were appointed joint administrators. Pension assets were not affected, because they were held in trust by Rowanmoor Trustees Limited, which did not enter administration. The administrators sold customers' SIPPs to Alltrust Services Limited on 3 March 2023, and the company moved into creditors' voluntary liquidation on 24 August 2023. The FSCS declared Rowanmoor in default on 15 December 2023.

15 Dec 2023

FSCS Default Date

Rowanmoor declared in default

31 Aug 2022

Administration

Evelyn Partners appointed

£85,000

Maximum FSCS Per Claim

Per eligible claimant

What Went Wrong — How Were Clients Mis-sold?

Rowanmoor's clients were typically approached by unregulated introducers — often through cold calls, online advertisements, or seminars — who persuaded them that they could earn significantly better returns on their pension savings by transferring to a SIPP. The introducer would then refer the client to an FCA-regulated financial adviser, who recommended the transfer and earned a commission. Rowanmoor then accepted the SIPP arrangement and, critically, accepted the underlying investments that the client had been led to invest in.

The core investments held inside Rowanmoor SIPPs included:

The Resort Group (Cape Verde)

An overseas property development scheme promising annual returns of 10–20% from hotel and resort properties in the Cape Verde islands. The properties were illiquid, the promised returns were not consistently paid, and investors found their pension savings locked into an asset they could not access or sell.

Stellar Asset Management

A discretionary investment manager whose portfolios for some SIPP clients included high-risk and non-standard assets.

Other non-standard assets

Various other overseas property developments, loan notes, and structured products that had no place inside a mainstream pension arrangement.

The Legal Basis for Your Claim

There are two primary legal bases for a Rowanmoor claim:

1. Against your financial adviser (the IFA who recommended the transfer)

The IFA who recommended you transfer to a Rowanmoor SIPP had a duty under FCA COBS rules to ensure the advice was suitable for your specific circumstances. If that adviser failed to properly assess your attitude to risk, your retirement income needs, or the suitability of the underlying investments, they gave unsuitable advice. If that adviser is now declared in default by the FSCS, you can claim up to £85,000. If they are still trading, you can bring a FOS complaint (up to £455,000) or direct court proceedings.

2. Against Rowanmoor as SIPP operator

Following the Financial Ombudsman's decision against Berkeley Burke, upheld by the High Court in 2018, SIPP operators can be held responsible for accepting investments without adequate due diligence. The Ombudsman upheld complaints against Rowanmoor on this basis before it failed. Now that Rowanmoor is in default, you can claim against it through the FSCS, up to £85,000.

Do You Have a Rowanmoor Claim? — 8 Questions

It is worth checking your position if any of the following apply:

You transferred a workplace pension, final salary pension, or personal pension to a Rowanmoor SIPP
The transfer was recommended by a financial adviser or you were approached by a cold caller or introducer
Your Rowanmoor SIPP held investments in The Resort Group (Cape Verde), overseas property, or other non-standard assets
You have not received the returns you were promised on those investments
Your pension savings are now locked in illiquid investments you cannot access
You were not clearly told your investments were unregulated or outside FSCS protection
Your financial adviser received a commission that was not disclosed to you
You were not asked in detail about your retirement income needs or attitude to investment risk

How Much Can You Claim from Rowanmoor?

The maximum FSCS payment is £85,000 per person. What you receive depends on your own loss: how much you invested, what the investments are worth now, and what you would have had with suitable advice. The FSCS had received 1,464 claims when it declared Rowanmoor in default, and it said then that it could not yet put a figure on the total cost. Press reports of a "£124 million" bill assume every claim is paid at the maximum.

Where your total loss exceeds £85,000, we can pursue the balance through direct legal action against any solvent parties remaining in the chain — such as IFAs who recommended the transfer and who still have professional indemnity insurance.

The Resort Group — Understanding the Investment That Failed

The Resort Group PLC developed hotel and resort properties in Cape Verde, an archipelago off the coast of west Africa. UK investors were sold fractional interests in Cape Verde resort properties with promised annual returns of 10–20%. These investments were held in many SIPPs, including Rowanmoor SIPPs, often after introductions from unregulated firms.

The promised returns were never consistently paid. The underlying properties were illiquid — there was no functioning secondary market for investors to exit. Many investors have been unable to access their pension savings for years, and Cape Verde resort investments feature in a number of Ombudsman complaints against Rowanmoor.

If you held a Resort Group investment inside a Rowanmoor SIPP, you may have a claim against Rowanmoor through the FSCS and, where an adviser recommended the arrangement, against that adviser.

Time Limits

The FSCS declared Rowanmoor in default on 15 December 2023 and is accepting claims. Time limits still matter:

Claims against IFAs who advised the transfer: normally 6 years from the date of advice, or 3 years from your date of knowledge under section 14A of the Limitation Act 1980, subject to a 15-year long-stop. If the advice was more than 6 years ago, the knowledge-based extension may still help.
Claims against Rowanmoor via FSCS: the FSCS applies its own rules on time limits, including whether the claim would have been in time against Rowanmoor itself, so it is sensible not to delay.

You can claim from the FSCS yourself, free of charge. If you would like us to check your options, including any claim against your adviser, we offer a free assessment.

Frequently Asked Questions — Rowanmoor SIPP Claims

Is Rowanmoor the same as The Resort Group?

No. Rowanmoor was the SIPP operator — the company that administered your pension arrangement. The Resort Group was an underlying investment held inside the SIPP. They are separate entities. Your claim is against Rowanmoor (and/or your IFA) for failing to conduct adequate due diligence before accepting The Resort Group investment into your SIPP.

I transferred to Rowanmoor before 2018. Is my claim too old?

Possibly not. Section 14A of the Limitation Act 1980 provides a 3-year extension from your date of knowledge — the point at which you first understood that the advice was unsuitable. For some Rowanmoor clients the knowledge date may be later than the advice, but it depends on what you knew and when, so it needs checking against your own facts. We can do a free limitation check.

What if my IFA has already gone bust?

If your adviser was FCA-regulated and has been declared in default, you may be able to make a separate FSCS claim against the adviser as well as against Rowanmoor. Each firm has its own compensation limit, but the FSCS will not pay twice for the same loss.

My Resort Group investment still exists. Does that affect my claim?

No. The claim is based on the advice being unsuitable and the SIPP operator failing its gatekeeper duty — not on whether the underlying investment still technically exists. An illiquid, non-income-generating overseas property investment that has not delivered its promised returns is a valid basis for a compensation claim regardless of the asset's current technical status.

How long will a Rowanmoor FSCS claim take?

It varies with the complexity of the claim and how quickly records can be obtained. The FSCS gives updates on its Rowanmoor page, and will tell you if it needs more information from you.

Can I claim if I have already complained to Rowanmoor directly?

Yes. A prior complaint to Rowanmoor does not prevent an FSCS claim — in fact, a complaint to the firm is typically the first step before escalating to the FSCS. If you complained to Rowanmoor and it went into administration without resolving your complaint, the FSCS claim is your next route.