DAC Pensions Limited was placed into creditors’ voluntary liquidation on 31 August 2021.
The Cambridgeshire-based firm is a Financial Conduct Authority (FCA) registered self-invested personal pension (Sipp) operator.
Liquidator Quantama Advisory is now winding up the firm’s personal pension scheme, known as the Davies & Co Sipp.
Although in liquidation, DAC Pensions remains an FCA-authorised firm and is still subject to the regulator’s rules, so Quantama Advisory can continue to operate the pension scheme while it is being wound up.
The regulator did not state why the pension firm has entered liquidation. International Adviser has contacted the FCA but it did not reply in time for publication.
Contact
According to the regulator, clients of DAC Pensions “should immediately stop paying contributions to the Davies & Co Sipp” and they should “have already received information from the firm or its liquidators” about any actions to take regarding their pension.
DAC Pensions and Quantuma have written to the firm’s clients to explain next steps and any actions that need to be taken, including the complaints process.
The FCA said clients of DAC Pensions who haven’t heard from the firm or Quantuma, should contact the liquidators.
As the firm is in liquidation, the Financial Ombudsman Service will contact clients in due course to ask for permission to refer the case to the Financial Services Compensation Scheme (FSCS).
The financial watchdog said that DAC Pensions provides administration for a small number of small self-administered scheme (Ssas) pensions and the liquidator will write to clients with a Ssas pension.
