However, Rowanmoor’s board subsequently took further professional advice which concluded the Sipp provider was not able to meet all its future liabilities, leading it to enter administration.
The FCA said the provision made by Lloyds and Embark will be used towards potential liabilities. The bank has not revealed the amount it set aside to cover these liabilities.
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Evelyn Partners declined to comment.
ruby.hinchliffe@ft.com
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