The Cambridgeshire-based Financial Conduct Authority (FCA) registered self-invested personal pension (Sipp) operator was placed into creditors’ voluntary liquidation on 31 August 2021.
Liquidator, Quantama Advisory have been appointed and are working on winding up Davies & Co Sipp, the firms’ personal pension scheme. The liquidators continue to operate the pension scheme at the same time. This is authorised since, despite being in liquidation, DAC Pensions remains an FCA-authorised firm and is still regulated but its rules.
It is not yet clear, the reason for its liquidation.
If you are a client
Quantuma and DAC Pensions have written to each client to explain the next steps and any needed actions. If any clients have not been informed, the FCA urges them to contact the liquidators immediately. The FCA also call for clients to stop paying contributions to Davies & Co Sipp. All is stated on its website.
The Financial Ombudsman Service will contact clients in due course to ask permission to refer the case to the FCS.
The Financial Services Compensation Scheme (FSCS) covers DAC Pension which means customers are protected and can pay compensation of up to £85,000 when authorised firms fail.
The FCA suggests clients make a claim to the FSCS for any losses which may have been suffered as a result of transferring a pension to DAC Pensions. There are also warnings of the possibility of fraud.