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April 27, 2023

Gaudi Regulated Services Limited in Administration

Gaudi Regulated Services Ltd is the latest SIPP operator to enter Administration following customer complaints.

The company was placed into Administration on 25 April 2023. The directors have appointed Sean Bucknall and Andrew Watling of Quantuma Advisory Ltd as Joint Administrators.

Platform One buys Gaudi Book

It was also announced that shortly before Gaudi entered Administration it sold its book (its assets & customers) to Platform One Ltd.

Platform One is an FCA authorised SIPP operator and according to the FCA it will take over administration of Gaudi’s SIPPs. This means customers who hold a SIPP administered by Gaudi can continue to contribute, withdraw, and make investment decisions as before.

The FCA statement also said that Platform One would communicate the next steps to consumers and warned Gaudi clients to remain alert to the possibility of fraud.

Why has Gaudi entered administration?

Gaudi has entered administration following several complaints that were upheld against them by the Financial Ombudsman Service (FOS). These complaints concern some investments which Gaudi allowed within its SIPPs.

The directors recognised the financial liabilities associated with these claims and other potential FOS decisions. Having sought advice from insolvency practitioners, which concluded that the firm is insolvent, the board made the decision to place the company in administration.

In 2018 Gaudi Regulated Services Limited took on a number of Greyfriars SIPP customers before the it also entered administration.

Gaudi also operated pension schemes for other firms and provided a business model sometimes known as ‘white label’ SIPPs. These could be branded and modified to suit these ‘business partners.’

Claims against Gaudi

The Financial Services Compensation Scheme (FSCS) is now open to claims against Gaudi Regulated Services Ltd.

Although it is currently still investigating whether there are any claims that meet its qualifying conditions for compensation.

The latest FSCS update says it anticipates it will be a ‘complex’ investigation and that this is likely to take some time.

Important Information!

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.