PensionsApr 26 2023

Gaudi goes into administration amid Platform One Sipp deal

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Gaudi goes into administration amid Platform One Sipp deal

A Sipp provider that had its assets restricted by the Financial Conduct Authority has gone into administration.

The directors of Gaudi Regulated Services Limited placed the company into administration yesterday (April 25), and appointed Quantuma Advisory Limited as administrators.

This morning it was announced Platform One had bought the pension business of Gaudi and would take over the administration of Gaudi’s Sipps, with all historic claims remaining with the servicing company and administrators.

In 2018 Gaudi Regulated Services took on 4,000 clients formerly served by troubled Sipp firm Greyfriars.

At the time, Gaudi Regulated Services said it had taken on 2,000 Sipps and 2,000 Isas from Greyfriars Asset Management, which had made an application for insolvency earlier the same year.

This was a separate book from the Sipp and Ssas business sold to Hartley Pensions in October 2018 and saw Gaudi's regulated subsidiary appointed as operator.

Hartley Pensions has since gone into administration.

In a statement today, the FCA said consumers who hold a Sipp administered by Gaudi can continue to contribute, withdraw, and make investment decisions as before, and Platform One would communicate the next steps to consumers holding a Gaudi-administered Sipp.

The regulator has warned consumers to remain alert to the possibility of fraud.

Gaudi was subject to several upheld final decisions from the Financial Ombudsman Service regarding some of the investments it allowed within its Sipps, and in January this year the FCA placed restrictions on the firm.

The Financial Services Compensation Scheme is now open to claims against Gaudi and will investigate whether there are any claims that meet their qualifying conditions for compensation.