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Have you suffered financial loss by investing or transferring your pension funds into a Self-Invested Personal Pension provided by Gaudi Regulated Services Ltd?
If so, get in touch with us for free, non-obligation advice on your potential options for redress.
Clients of £1bn SIPP provider Gaudi will be able to make claims to the industry-funded Financial Services Compensation Scheme (FSCS) after administrators were appointed to wind up the business.
This morning, Platform One announced a deal to buy Gaudis’ pensions business. But while this means clients will be able to contribute and withdraw money, claims for compensation will fall on the FSCS, the FCA said in a notice published today.
Successful claims will add to a growing bill for SIPP claims at the FSCS. Last year it paid out £94m to clients of collapsed Sipp providers, while the previous year saw £115m awarded in compensation.
Regulated businesses fund the FSCS in the form of an annual levy. The FSCS has warned it expects pension claim costs to continue to rise, both in the amounts paid out and in the expense of dealing with complicated cases.
It is unclear how many Gaudi claims will be made or how much they will amount to. However, the scale of claims facing Gaudi was enough to push it into administration, according to the regulator.
‘Gaudi was subject to several upheld final decisions from the Financial Ombudsman Service (FOS) regarding some of the investments it allowed within its SIPPs. Gaudi’s board of directors recognised the financial liabilities associated with these decisions and other potential FOS decisions,’ the FCA said.
‘Having obtained the advice of insolvency practitioners and concluded that the firm is insolvent, the board decided to place the company in administration.’
The ombudsman’s most recent decisions against Gaudi required the firm to pay the maximum amount that can be awarded by the FOS, suggesting losses could be high. Current FOS limits stand at £170,000 for complaints about advice given before 1 April 2019 and £375,000 for advice given after that date. The FSCS can only award a maximum of £85,000 for a single investment claim, though, meaning consumers could lose out.
The FSCS did not indicate a time frame for processing claims but said its investigation would be ‘complex… given there are a number of business partners that used Gaudi’s white-labelled Sipps, each of which will have to be considered in turn.’
Several SIPP providers have been held accountable for failing to protect investors from high-risk and unsuitable pension investments. Below are some SIPP providers that have faced legal action and complaints due to regulatory failings:
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You do not need legal representation to make a financial services claim. You can complain yourself at no cost and under FCA rules, the financial services provider must provide a response. If you feel this is unsatisfactory, you can complain to the statutory redress bodies, the FOS and FSCS who can award you compensation. This is a free service.
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