SIPPs and SSAS firm Carey Pensions is up for sale after reporting losses for the second year in a row.

The firm is currently involved in a legal case with customers relating to historic business.

The Milton Keynes-based company revealed its latest losses in its annual accounts.

The report showed the firm had lost £215,226 in 2017, on top of 2016 losses totalling £153,784.

The report says: “The company has a provision for liabilities of uncertain timing or amount arising from legal claims and dispute with customers arising from performing its fiduciary role in the provision of pension administration services.”

The firm, which also provides auto-enrolment and property services, describes itself as “an independent pension administrator and professional trustee company providing specialist pension services and products to the UK and international market.”

It has a “20 year heritage in pension provision” and administers “in excess of £1.7 billion across a range of corporate and personal pension schemes.”

The fate of Carey Pensions could have wider ramifications for the SIPPs sector, particularly as the number of legal disputes over SIPPs looks to grow.

One report recently suggested PPI claims companies were turning their attention to SIPPs.