DAC Pensions or Davies &Co Pensions were a SIPP operator which held £26.7 million worth of client’s assets. However, it was found that the majority of these assets were high-risk, illiquid, and unregulated investments that are unlikely to be suitable for retail clients.
These investments were introduced to clients by two EEA Introducer firms (firms based in the European economic area) and the FCA found that DAC did not conduct due diligence on these introducers, meaning that they failed in their duty of care to their clients. As a result of this, the FCA forced DAC pensions to write to all of their clients advising that they shouldn’t have accepted their business in the first place, and advising them of their right to complain.
Do you recognise any of these scenarios?
If you have:
- Lost money because you transferred a small pension or pensions into a DAC Pensions SIPP, and the charges you’re paying for your SIPP mean that overall, the value has reduced.
- Ended up managing your DAC Pensions SIPP yourself when you had no plans to do so, but your financial adviser or investment manager has left you to it.
- Discovered an adviser that introduced you to a SIPP was unregulated.
- Your DAC Pensions SIPP might have been mis-sold.