DAC Pensions Ltd, formerly Davies & Co SSAS Solutions Ltd trading as DAC Pensions
Failed 16 March 2023
You might be eligible for compensation
DAC Pensions Ltd has failed and was placed into voluntary liquidation on 27 August 2021.
We're aware that an overseas independent financial adviser recommended many DAC Pensions customers transfer their existing pensions into a DAC Pensions SIPP.
After the transfer, many customers had their pension funds placed in high-risk, non-standard investments. Some of these have since become illiquid and unredeemable, which means they can’t currently be sold or traded.
For FSCS to be able to pay your claim we must prove that DAC Pensions Ltd failed in its due diligence - in other words, did DAC Pensions Ltd do certain checks on the non-standard investments that would hold their customers' pension funds, before accepting them into its SIPP investment portfolio? Did it make sure they were appropriate for a SIPP, and did it identify any potential issues with them? Also, if it did identify potential issues, did it tell customers?
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16 Mar, 2023
We can confirm that on 16 March 2023, FSCS declared DAC Pensions Ltd in default.
Claims are being assessed by our processing teams on a case-by-case basis, to determine whether each customer is eligible for compensation.
FSCS is now able to pay valid claims and we will begin to issue decisions to customers.
We are mindful customers have experienced a delay while we have undertaken our investigation into DAC and its introducers. We would like to assure you we are committed to providing decisions to customers with claims against DAC as soon as we can.
03 Feb, 2023
We've now finished our investigations into DAC Pensions Ltd. Thank you for your patience during this time.
Our investigation mainly concentrated on the introducer due diligence undertaken by DAC, prior to accepting business from Elliot Lloyd International (formerly Walker Murray) based in Ireland, and Woodbrook based in Cyprus. We have had to fully consider the activities and permissions of these EEA introducers.
FSCS usually expects customers who were introduced by a ‘live’ FCA-authorised firm to make a complaint against that firm before submitting a claim to FSCS.
We are aware Elliot Lloyd International appear to be a live firm. But we believe it is unable to meet claims against it. So, customers who were introduced to the DAC SIPP through Elliot Lloyd International can submit a claim to FSCS without first pursuing a claim against Elliot Lloyd International.
All claims submitted against DAC Pensions Ltd are now moving to our claims processing teams for assessment. Each claim will be considered on an individual basis to determine whether it is eligible for compensation.
16 Jan, 2023
We are now finalising the process that will enable us to assess claims against DAC Pensions Ltd. We anticipate we will be able to begin processing individual claims shortly.
We'll provide an update when this work is complete.
11 Oct, 2022
We have almost completed our investigations into DAC Pensions Ltd and are reviewing the information we have received to date. There were several facets to consider, including the activities and permissions of EEA-based introducers involved in some cases.
Having done this work, we are developing the process that will enable FSCS to assess individual claims against the Firm. We will provide a further update as soon as we can.
23 Sep, 2022
FSCS is aware that some customers have been incorrectly informed that DAC Pensions Ltd has been declared in default.
Our investigations into the firm have made significant progress and we hope to be in a position to start processing claims soon.
Please note, FSCS will only be able to formally declare the Firm in default once a valid claim is completed.
31 May, 2022
FSCS is now open to claims against DAC Pensions Ltd
FSCS will now investigate whether any customers who have submitted claims to us are eligible for compensation. Until we have finished our investigations, we cannot say whether we will be able to pay claims against DAC Pensions Ltd.
You can make a claim against this firm by clicking the' Check if you can claim' button at the top of the page.
15 Feb, 2022
We are continuing with our investigations into DAC Pensions Ltd. We’ve been working closely with 3rd parties to gather as much information as possible to see if there are protected claims.
If we establish that there are protected claims against DAC Pensions we will open up to claims and provide an update on our website.
10 Sep, 2021
FSCS isn’t accepting claims at the moment, but we are investigating the matter urgently.
Please keep checking our webpage, or sign up for email update notifications.