The firm has been told by the Financial Conduct Authority to inform its investors that it accepted business from unauthorised introducers without proper vetting.
What Did The Company Do Wrong?
The regulator investigation had found that DAC had failed to carry out adequate due diligence checks on two European introducer firms, Elliot Lloyd International, (formerly Walker Murray) based in Ireland, and Woodbrook, based in Cyprus, prior to accepting business from them and subsequently failed to identify that the firms did not have the relevant permissions to provide non-insurance-based pension advice.
Furthermore, DAC Pensions accepted business from one introducer, despite being explicitly informed by the FCA that the company lacked such permission, and declined to write to its customers to fully inform them of the situation and to present them with all possible complaint options.
Were You Mis-sold Your Pension Investment?
Did you swap your frozen or defined benefit workplace pension for a DAC Pensions Ltd SIPP and lose money? If so, you may qualify for mis-sold SIPP compensation.
The regulatory body also said that the company also failed to explain redemption issues relating to the high risk and unregulated investments in a timely manner to its customers.
The FCA has told customers to stop paying contributions into 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.
If you have received such correspondence or were misled by a financial advisor into transferring your frozen or defined benefits pension into the DAC SIPP it is time to get the transitions reviewed
FSCS DAC Pensions Ltd Claims
For the FSCS to be able to pay your claim you must prove that DAC Pensions Ltd failed to act in your best interests.
The FSCS expects customers who were introduced by a ‘live’ trading, FCA-authorised firm to make a complaint against that firm before submitting a claim to the FSCS.
They will not accept the case until the complaint against trading firms has been exhausted. Whilst the FSCS is aware that Elliot Lloyd International appear to be a live firm, they have agreed to start looking into claims of customers who were introduced to the DAC SIPP
Consider Your Options
1. Review your current pension arrangements:
Review your latest pension statement to assess the extent of any potential losses or issues resulting from the pension transfer to DAC Pensions.
2. Seek professional advice:
Get claims advice by speaking to one of our financial mis-selling specialists for a free consultation and find out how you can claim back your money yourself free of charge or without paying extortionate fees!
3. Pursue compensation:
If you have suffered financial losses you can lodge a complaint with the FOS or submit a claim to the FSCS, depending on your eligibility and the nature of your losses
Ask Us For Help
If you had dealings with the company you should review all transactions and get in touch if you are not happy with the advice given to you or the performance of your investments.
By claiming compensation through the FOS or FSCS, you are finally taking your first steps towards regaining control of your financial future.