Gaudi Regulated Services Ltd (Gaudi), is a SIPP operator authorised and regulated by the FCA. We understand that Gaudi provided or administered ‘white label’ SIPPs which could be branded and modified to suit another firm (referred to as a ‘business partner’). On 25th April 2023, the directors appointed Sean Bucknall and Andrew Watling of Quantuma Advisory Ltd as Joint Administrators.
The sale of Gaudi’s book (its assets & customers) to Platform One Ltd took place on 25 April 2023, shortly before Gaudi entered Administration.
If you’re a client of Gaudi, the Joint Administrators will be writing to you shortly to explain what this means and what action you should take.
You can also read details on the FCA website.
FSCS is open to customer claims.
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.
The latest news regarding our work on Gaudi will appear on this page. We will update this page as our investigations progress. Customers should subscribe to this page to receive the latest updates.
FSCS and the Financial Ombudsman Service
If you already have a claim with the Financial Ombudsman Service (FOS), you don't need to take any action now. The FOS will be in touch shortly to tell you your next step.
FSCS is free to use and you don’t need to use a representative or a solicitor to make a claim. If you claim directly with us, you will receive 100% of any compensation due.
See our investment compensation limits and their conditions on our Investments page.
What if you also dealt with another FCA-authorised firm?
In some cases, FCA-authorised independent financial advisers (IFAs) may have recommended customers transfer their existing pensions to a SIPP with Gaudi. Also, Gaudi was in some cases providing a SIPP for a business partner which was itself an FCA authorised firm, and may have been providing customers with stockbroking or Discretionary Fund Management services, for example.
You can check to see whether the firm(s) you dealt with have ever been authorised by FCA by visiting its online register.
FSCS usually expects customers with another FCA-authorised firm to make a claim against that firm first.
If you dealt with another FCA-authorised firm that’s no longer trading, and haven’t already made a claim against them, you should submit a claim to FSCS against that firm first. This could be an adviser, or the business partner which used the Gaudi SIPP under its own branding.
We consider different factors when calculating losses on pension advice (a claim against your financial adviser) compared to claims against SIPP operators (a claim against your SIPP provider).
This means you may receive more compensation for any losses by claiming against your financial advisor (IFA) compared to a claim against your SIPP provider. So, we recommend submitting a claim for compensation to us against your IFA first.
If you dealt with an FCA-authorised firm that’s still trading, and your complaint hasn’t been exhausted, you need to complain to them before FSCS will consider your claim against Gaudi.
If your complaint is rejected by the live firm, you can take your complaint against your adviser to the Financial Ombudsman Service (FOS).
If you were introduced to Gaudi by a firm that was not FCA-authorised, or you have already made a complaint against the FCA-authorised firm(s) you dealt with and believe you have uncompensated losses, you can now make a claim to FSCS about Gaudi.
Latest updates
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23 Jan, 2024
FSCS’s investigations into Gaudi Regulated Services Ltd (GRSL) are still ongoing. Right now, we are still gathering data and information about GRSL’s business.
We thank you for your continued patience and we will provide an update on our investigations when we can.
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29 Sep, 2023
In April 2023, the FSCS started to accept customers’ claims to assist with its investigations into Gaudi Regulated Services Ltd (‘GRSL’).
Although we're accepting claims against GRSL, the firm has not been declared “in default” and so they are not being immediately passed to our processing teams for assessment. Before we can do this, we need to first establish whether the claims are valid.
The information we've received so far is helpful and our investigations into GRSL are continuing. As well as the documents we've received from former customers of the firm, we are also gathering data about GRSL’s business through its insolvency practitioners.
As we review the data we have, it's likely that we will need to collect more information from other parties before we can complete our analysis. As a result, our investigation is likely to take some time.
We’ll publish a further update as soon as we can.