FSCS declares SIPP provider in default after lengthy investigation

In a statement released on 16 March, the compensation scheme said DAC Pensions had failed, it added it had been placed into voluntary liquidation on 27 August 2021. The FSCS said: "We're aware that an overseas independent financial adviser recommended many DAC Pensions customers transfer their existing pensions into a DAC Pensions self-invested personal pension (SIPP). "After the transfer, many customers had their pension funds placed in high-risk, non-standard investments. Some of these have since become illiquid and unredeemable, which means they can't currently be sold or traded." ...