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Sipp supplier and fintech Gaudi Regulated Companies has gone into administration on the identical day the agency offered its pension enterprise guide to platform supplier Platform One.
The FCA mentioned administrators of the Salisbury-based agency determined it was bancrupt as a consequence of liabilities from excellent Monetary Ombudsman Service complaints.
The Monetary Companies Compensation Scheme is now investigating Gaudi to establish whether or not purchasers might have legitimate claims.
The FCA imposed asset restrictions on the agency in December.
At this time the administrators of Gaudi appointed Sean Bucknall and Andrew Watling of Quantuma Advisory as joint directors. The directors are insolvency practitioners.
It has not been disclosed how a lot Platform One has paid for Gaudi or the quantity of liabilities which induced Gaudi to enter administration.
Gaudi was hit with a number of upheld ultimate choices from the Monetary Ombudsman Service on a few of the investments it allowed inside its SIPPs.
Gaudi’s board recognised the monetary liabilities related to these choices and different potential Monetary Ombudsman choices. Having obtained the recommendation of insolvency practitioners the administrators concluded that the agency was bancrupt. Due to this the board determined to put the corporate into administration right this moment concurrently it offered its pension guide.
On the finish of December the FCA imposed a variety of restrictions on Gaudi, together with that it should not get rid of or switch any property with out the prior written consent of the FCA. Gaudi was additionally stopped from making any capital distribution or paying dividends.
Gaudi’s enterprise mannequin was to function pension schemes for different companies (a so-called ‘white-label’ mannequin). The FCA says the enterprise companions aren’t affected by Gaudi’s administration and since Gaudi’s pension enterprise has been offered to Platform One the companies they provide will keep the identical.
The Monetary Companies Compensation Scheme (FSCS) is now open to claims in opposition to Gaudi and shall be investigating whether or not any claims meet their qualifying circumstances for compensation. The FSCS has a web page devoted to Gaudi and can replace this as investigations proceed, it says.
Platform One will use its acquisition of Gaudi to launch its personal on-platform SIPP and can rebrand Gaudi to Platform One, with employees transferring over to the brand new mixed agency.
Platform One is an FCA-authorised SIPP operator and can take over administration of Gaudi’s SIPPs. Customers who maintain a SIPP administered by Gaudi can proceed to contribute, withdraw, and make funding choices.
Platform One is contacting shoppers holding a SIPP administered by Gaudi. Platform One’s contact particulars are: E-mail: This electronic mail handle is being protected against spambots. You want JavaScript enabled to view it.; Telephone quantity: 0345 366 5445.
The FCA has warned Gaudi clients to watch out for scammers providing to assist them, particularly in the event that they chilly name. The FCA has identified that Gaudi clients don’t want to make use of Claims Administration Corporations to submit a declare to the FSCS.
Clients can get in contact with the directors Quantuma at E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.; Telephone quantity: 01202 970 430.
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