Good to know: You do not need to use a claims management company to make your complaint to your pension provider or intermediary. If your complaint is not successful you can refer it to the Financial Ombudsman Service or the Pension Ombudsman yourself for free if the firm is still trading. For eligible failed firms, you can refer a claim to the Financial Services Compensation Scheme for free.

0345 544 1563

DAC Pensions Ltd is a Cambridgeshire-based small SIPP operator that has been authorised by the Financial Conduct Authority (FCA) since September 2017.

The firm has been told to inform its investors that it accepted business from unauthorised introducers without proper vetting. In a supervisory notice, the Financial Conduct Authority said DAC Pensions Ltd failed to carry out adequate due diligence checks on two EEA introducer firms prior to accepting business from them. This allowed DAC Pensions Ltd’s retail savers to put their hard-earned pensions into high-risk unregulated investments that turned sour.

DAC Pensions Ltd was previously known as Davies and Co SSAS Solutions Ltd, which operates the Davies and Co SIPP. It has 697 clients and administers assets of £26.7m.

The company was incorporated as a business on 13 August 2015 and went into voluntary liquidation on 27 August 2021. Although in liquidation, DAC Pensions remains an FCA-authorised firm and is still subject to its rules so that the liquidator can continue to operate the pension scheme while it is being wound up.

While in existence DAC Pensions Ltd had 2 Directors: Amelia Jane Davies (Director and Secretary) and Paul Michael Davies (Director).

Were you mis-sold pension products by DAC Pensions Ltd?

DAC Pensions Ltd has failed and has placed itself in voluntary liquidation on 27 August 2021, so you will not get a penny from them. However, the government has made compensation available for people like you. Although in liquidation, DAC Pensions remains an FCA-authorised firm and is still subject to the regulator’s rules. This enables the liquidator to continue to operate the pension scheme while it is being wound up.

Did you swap your defined benefit workplace pension for a DAC Pensions Ltd SIPP only for it to fail? If so, you may qualify for mis-sold SIPP compensation.

What did DAC Pensions Ltd do wrong?

DAC Pensions Ltd accepted pension transfers from unregulated overseas independent financial advisers that invested in high-risk, non-standard investments. Some of these investments have since become illiquid and unredeemable, which means they can’t currently be sold or traded.

Between December 2017 and July 2019, the firm accepted approximately 620 new clients from two introducers based in Ireland and Cyprus who were passporting into the UK but did not have the required top-up permissions to give pensions advice in the UK.

DAC Pensions was administering assets of £20.4m for these clients. Typically, introducers 1 and 2 advised clients to transfer their pensions into a SIPP operated by the firm and to invest in high-risk assets via a model portfolio managed by them.

The City watchdog said a number of these investments were unregulated collective investment schemes (UCIS) based overseas and unlikely to be suitable for retail clients.

DAC Pensions Ltd should have properly vetted the unauthorised introducers and the investments before accepting them, but failed to do so.

The FCA also said that the company had also failed to communicate redemption issues relating to the UCIS to its customers in a timely manner.

The FCA has told DAC Pension customers to stop paying contributions to the Davies & Co SIPP immediately and make a claim to the FSCS for any losses they might have suffered as a result of transferring their pension to DAC Pensions Ltd.

Have you received such a letter? Or were you misled by a financial advisor into transferring your defined benefits pension into a DAC Pensions SIPP or high-risk investment?

FSCS DAC Pensions Ltd claims

For the FSCS to be able to pay your claim you must prove that DAC Pensions Ltd failed in its due diligence; in other words, that DAC Pensions Ltd did not do certain checks on the non-standard investments that would hold their customers’ pension funds, before accepting them into its SIPP investment portfolio. Did DAC Pensions Ltd 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?

Our claims experts can advise on whether you could qualify for mis-sold SIPP compensation. Apply online today for an information pack to learn more.

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Andy Ramsay

Pensions & Investments Claim Manager

Andy understands financial services regulations and the technical arguments required to make a successful claim.

In his career he has successfully dealt with an array of claims such as pension transfers and switches, SIPP and endowment claims.

Andy was part of the “Pension Review” and Customer Liaison Departments for Royal Sun Alliance. Unhappy with how consumers were being treated, he realigned himself and has been representing consumers since 2004, ensuring fair and equitable treatment for consumers.

Pension Query? Contact Andy

Insights from Our Pensions Team

Expert Insight: The Importance of Choosing the Right Pathway for Your Claim: CMCs and Law Firms Compared.

In this article, Allegiant’s Pensions & Investments Manager, Andy Ramsay, explores the fundamental differences between the Court and Ombudsman routes for resolving pension & investment claims. The article highlights key differences in:-

  • costs consequences and funding arrangements
  •  the differing basis of an assessment that a Court will deploy when compared to an Ombudsman
  •  the potential need for claimants to attend a hearing in Court

Andy further explores outdated preconceptions about Claims Management Companies. This short summary is essential reading for anyone planning on making a pension or investment claim with the assistance of a CMC or law firm.

Click to Read

Learn With Allegiant: The Financial Services Compensation Scheme (FSCS) In A Nutshell

You may have heard of the Financial Services Compensation Scheme (FSCS), but do you fully understand its vital role within the UK’s financial services sector? In this short piece, we look at:-

  • The type of claims FSCS covers (and those it doesn’t).
  • How and when it can help
  • The FSCS claims process

This article will be of particular interest to anyone with a potential compensation claim against a financial service provider that has collapsed.

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Learn With Allegiant: What is a SIPP?

The Financial Conduct Authority (FCA) has identified ‘serious and ongoing failings’ by both Individual Financial Advisers (IFAs) and Self-Invested Personal Pension Providers. Typically, mis-selling is related to the “wrong” type of investor being given poor or misleading advice as to what investments were relatively safe and right for them. In this summary, we look at What a SIPP is, and how they have been mis-sold, together with the FCA’s review into sector malpractice.

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Our Mis-sold Pensions Claim Procedure

  • Step 1

    Pre complaint investigation and analysis. No paperwork? Don't Worry! We could still help.

  • Step 2

    Once we've assessed claim prospects, we make a pension complaint to the Ombudsman or FSCS, where appropriate

  • Step 3

    Pension complaint response received. We'll carefully analyse the response and advise you on how to proceed.

  • Step 4

    If appropriate resolution cannot be reached with a live firm, and we disagree with their stance, we will refer the claim to Ombudsman on your instruction.

Our Fees - What You Need To Know

Worked Fee Example

As of the 1st March 2022 we have implemented a new fee structure which we have explained below. If you signed your contract with us prior to the 1st March 2022, please refer to your signed claims pack for our previous fee terms.

Our fees are owed upon a successful claim and will depend on the Gross Compensation you receive. “Gross Compensation” means the amount awarded to you whether this is paid directly to you or paid into an investment or pension, and prior to any deduction of any income tax due to HMRC on your award. Please refer to the definition of “Gross Compensation” and Section 5 of our Terms of Engagement for further information including a table showing how our fees work in different scenarios.

If successful, your fee will be calculated based on which band your redress falls into and will be charged by whichever is the lowest of:

  1. the maximum percentage rate of charge for that band, or
  2. the maximum total charge for that band.

The below table outlines the redress bands, the maximum percentage rate of charge and the maximum total charge is for each band.

Band Redress % Charge (with VAT) Maximum charge (with VAT) (£) Maximum charge (without VAT) |(£)
1 1 – 1499 36% 504 420
2 1,500 – 9,999 33.6% 3000 2500
3 10,000 – 24,999 30% 6000 5000
4 25,000 – 49,999 24% 9000 7500
5 50,000+ 18% 12,000 10,000

Examples of how this would work in practice:

Band Lower example Higher example
1 You receive £100 in redress; our fee would be £36. You receive £1499 in redress; our fee would be £504.
2 You receive £1,600 in redress; our fee would be £537.60. You receive £9,999 in redress; our fee would be £3,000.
3 You receive £12,000 in redress; our fee would be £3,600. You receive £24,999 in redress; our fee would be £6,000.
4 You receive £30,350 in redress; our fee would be £7,284. You receive £49,999 in redress; our fee would be £9,000.
5 You receive £55,000 in redress; our fee would be £9,900. You receive £100,000 in redress; our fee would be £12,000.

Please note, the above fee examples are for illustration purposes only. They are not an estimate of the likely outcome or fee you will need to pay. Each claim depends on its own merits.

It is possible that our fee may become payable before you have access to your pension or investment which may result in you having to pay our fee from your own funds

Cancellation Rights (Pension Claims)

You can cancel for free at any time within 14-days without giving any reason and without incurring any liability. You can communicate your cancellation by telephone, post, email or online.

You can cancel this agreement at any time after the 14-day cancellation period. However, if a complaint submitted by us is successful, the Success Fee will apply in the usual way.

You can cancel by post: Allegiant Finance Services Limited, Freepost RTYU–XUTZ–YKJC, 400 Chadwick House, Warrington Road, Birchwood Park, Warrington, WA3 6AE; (b) by email: ; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uk/compliance/cancellation.

Looking for Claim Representation? Why Allegiant is a Great Choice for Pension Claims Assistance

Human

Our small, dedicated pensions team provide a personal touch

Trustworthy

We’ll treat your claim as strictly confidential. Your personal information is safe with us.

Longstanding

We’ve serviced over 100,000 clients across all service lines since our inception in 2010.

No Paperwork? Don't Worry!

We could still help if you don’t have all your paperwork or details. Our team are experienced in helping locate paperwork where possible.

Technologically Driven

Our online application system and claim audit surveys enable us to offer an efficient and convenient claims journey.

Claiming for Free Yourself

Good to know: You do not need to use a claims management company to make your complaint to your pension provider or intermediary. If your complaint is not successful you can refer it to the Financial Ombudsman Service or the Pension Ombudsman yourself for free if the firm is still trading. For eligible failed firms, you can refer a claim to the Financial Services Compensation Scheme for free.