DAC Pensions In Liquidation. Get SIPP Pension Claims Advice today. DAC Pensions is the latest SIPP provider to go into liquidation. The firm had 607 clients and administers assets of £26.7m according to the second supervisory notice published recently by the Regulator. The FCA said the small SIPP provider, authorised by the FCA since September 2017, failed to carry out adequate due diligence checks on two introducer firms prior to accepting business from them. This meant that the firm failed to identify that neither of the introducers had the appropriate FCA permissions to provide non-insurance-based pension advice to unsuspecting clients.
The firm had accepted approximately 620 new clients with assets under administration of £20.4m from the introducers based in Ireland and Cyprus. The introducers were passporting into the UK. The FCA added that DAC Pensions also accepted business from one introducer, despite being “explicitly informed” that one of the introducers lacked the appropriate permissions to provide pension advice.
How can you get help? The assets will now be liquidated and returned to clients along with a letter from DAC Pensions telling clients to bring their complaints to the Financial Services Compensation Scheme.
X-Claims has been helping clients successfully since 2006 with mis-sold SIPP Pension Claims and FSCS claims, which can be complex, simply complete our on line contact form to request assistance. Whether it’s down to the advice from an IFA or a lack of due diligence from the SIPP provider; if you’ve been mis-sold and can prove your case, you could receive compensation.
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