DAC Pensions is a small SIPP provider, established in 2015 and previously known as Davies & Co SSAS Solutions Limited. It has been authorised by the FCA since 2017.
A Supervisory notice was published by the FCA in August 2021, in which they instructed DAC Pensions to write to clients and inform them that they had accepted business from two unauthorised introducer firms, without carrying out adequate due diligence.
Both of these unregulated introducer firms were located outside the UK, in Ireland and Cyprus and did not have the authority to provide pension advice in the UK.
This means these companies are not covered by the FOS or FSCS and clients have no recourse for the unsuitable advice given by them.
Unsuitable investments is another issue for DAC clients, who were directed to invest in high-risk, illiquid ventures investments through a model portfolio operated by the Introducer firms.
DAC Pensions accepted over £20million of business from these introducers and 600 clients have been exposed to unsuitable investments that are also unregulated.
These include investments in overseas UCIS funds, which are non-standard assets and which the FCA have long since considered unsuitable for the average retail investor.
According to the FCA notice, funds based in Luxembourg have been subject to compulsory liquidation by the Luxembourg regulator and 3 further Cayman Island funds have been “delaying redemption requests” since December 2019.
This means clients are at risk of losing some, if not all, of their money.
DAC Pensions are currently in liquidation and have been declared in default by the FSCS.
If you have a SIPP with DAC Pensions you may be able to make a claim against them.
Get in touch and let us assess your case, for free, to see if you need to be making a claim.
We are here to help and will be happy to answer any questions and concerns you may have.
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.