FSCS declares SIPP provider in default after lengthy investigation

Involved overseas IFA recommending high-risk SIPP transfers

Jenna Brown
clock • 1 min read

DAC Pensions, formerly trading as Davies & Co SSAS Solutions, has been declared in default by the Financial Services Compensation Scheme (FSCS) after a long investigation into its business practices.

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." ...

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