DAC Pensions Ltd
Voluntary liquidation 27 Aug 2021
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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10 Sep, 2021
FSCS isn’t accepting claims at the moment, but we are investigating the matter urgently.
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