UK-based self-invested personal pension (Sipp) operator Gaudi Regulated Services Limited has entered administration, according to the Financial Services Compensation Scheme (FSCS) and the Financial Conduct Authority (FCA).
The UK lifeboat scheme said in a statement that, on 25 April, the directors of Gaudi appointed Sean Bucknall and Andrew Watling of Quantama Advisory Ltd as joint administrators. This means consumers who hold a Sipp administered by Gaudi can continue to contribute, withdraw, and make investment decisions as before.
The administration came after the sale of its assets and customers to wrap platform Platform One for an undisclosed sum.
The FSCS said that it understands that Gaudi provided or administered ‘white-label’ Sipps which could be branded and modified to suit other firms. On its website, Gaudi said its clients were Seccl, Salix Wealth, Foster Denovo, EQ, Bri Wealth Management, Abundance, Chelsea Investment Intelligence and Freetrade.
The UK lifeboat scheme added that the joint administrators of Gaudi will be writing to clients shortly.
In December 2022, Gaudi Regulated Services Limited was hit with an asset restriction by the FCA.
Investigation
The FSCS said on 26 April: “We need first to establish whether there are any claims that are eligible under our rules. We are currently investigating this, and it is likely to take us some time.
“We anticipate this will be a complex investigation given that there are a number of business partners who used Gaudi white labelled Sipps, each of which will have to be considered in turn.
“If as one of Gaudi’s customers you feel you have a complaint or potential compensation claim against Gaudi, you can now bring that matter to us using our online claim service. Please check below for information about how you should proceed.
“FSCS is investigating whether there are customer claims that meet the qualifying conditions for compensation. As part of this investigation, we will work closely with the joint administrators.”
International Adviser has contacted the joint adminstrators for a comment but they did not reply in time for publication.
Claims
The FSCS said it “is now open to claims against Gaudi and will be investigating whether there are any claims that meet their qualifying conditions for compensation”.
“If you have a claim with the FSCS against a different authorised firm (i.e. a financial adviser or business partner) relating to an investment within Gaudi Sipp, the FSCS will continue to process that claim,” the FSCS added.
