PSG SIPP Limited enters administration

Although PSG SIPP is in administration, it remains an FCA-authorised firm and is still subject to our rules. 

If you have an existing complaint against PSG SIPP or want to make a new complaint, read the sections below.

The FCA does not regulate the joint administrators, they are responsible to their own regulatory bodies and to the courts.

The Financial Services Compensation Scheme (FSCS) is the compensation scheme for customers of UK authorised financial services firms. It protects consumers when those firms cannot meet protected claims against them. 

The FSCS is not currently open to customer claims against PSG SIPP. 

The FSCS will work closely with the administrators of PSG SIPP to investigate whether any claims qualify for compensation.

Once the FSCS has decided whether claims can be made, it will notify the impacted customers. 

Find out more about PSG SIPP claims

The FSCS is operationally independent of the FCA, and it is the FSCS that determines whether compensation is payable under our compensation rules. 

Find out more on the FSCS website.  

If you want to make a complaint, please speak to the joint administrators:  

Email: [email protected]
Call: +44 (0) 121 410 5566

The FSCS will work with the joint administrators to find out whether the firm can meet eligible claims against it. 

Therefore, the FSCS will not be opening its online claims service to claims against PSG at first.  

The joint administrators will write to you to explain next steps.  

The FSCS will work with the joint administrators to determine whether the firm is able to meet eligible claims against it. The FSCS will not therefore be opening its online claims service to claims against PSG SIPP in the first instance.  The FSCS’s eligibility criteria are different to those of the Financial Ombudsman Service (FOS) and so the FSCS also needs to conduct its own independent investigation into whether there are claims it can uphold.  

If you have already referred a complaint to the Financial Ombudsman Service (FOS), you don’t need to take any action at the moment. 

The FOS and the FSCS will work closely with the FCA and the joint administrators to agree an appropriate course of action. 

The FOS will contact you in due course about next steps. 

The FSCS will also update its website with any news or important developments about its investigations.  

If you have a claim with the FSCS against a different authorised firm (i.e. a financial adviser) relating to a product within PSG, the FSCS will continue to process that claim.  

For more information, see “Is there FSCS coverage?” above.  

You do not need to use a claims management company (CMC) to make a claim against the firm or through the FSCS. CMCs may approach customers of PSG SIPP offering help to bring claims against it. 

Be cautious if you are approached by one of these companies.  

For most customers, there is no benefit to using a third party to make a claim. Any customers of PSG SIPP who believe they have a complaint against the firm should contact the administrators in the first instance, using the below contact details:  

• Email: [email protected]
• Call: +44 (0) 121 410 5566

If you use a third party to make a claim, the third party is likely to charge a fee which may reduce what you get back.  

If you are considering using a third party, we suggest you first discuss this with the joint administrators using the contact details above.  

After the Australian court appointed receivers in February 2024, we engaged with PSG SIPP to put in place an asset retention requirement.

PSG is a wholly owned subsidiary of Donre Advisory Limited (Donre). We took action in relation to Donre in May 2024 including placing restrictions on the firm. 

Read more about Donre's liquidation

PSG SIPP’s directors decided to enter the firm into administration because of its potential liabilities from the assets it has invested on the Brite Pty platform in Australia. After receiving professional advice, PSG concluded that, should the liabilities crystallise, the firm would become insolvent.  

We have engaged with all parties to seek to ensure good outcomes for consumers. 

Brite Advisors Pty Ltd (Brite) is a controller of Donre Advisory Limited (Donre) and PSG SIPP. PSG SIPP is a wholly owned subsidiary of Donre.

Brite is a Hong Kong domiciled company which has been operating in Australia and has been involved in the international pensions market. It offered a product called the Brite Platform to SIPP providers. This platform holds many of the investments of Donre’s and PSG’s customers in the form of assets and cash.  

On 27 October 2023, the Australian Securities and Investments Commission (ASIC) froze the assets of Brite due to its financial position being unknown, as Brite failed to lodge with ASIC its financial statements and auditors’ report for the financial year ended 30 June 2022.  

This had an impact on Brite’s capitalisation of Donre. With a reduction in its defined benefit transfer cases, the firm became loss making, resulting in capital issues and breach of its prudential requirements. Donre is now in creditors’ voluntary liquidation.

The FCA is not the regulatory authority for insolvency practitioners. However, PSG remains authorised by the FCA and subject to our rules. We will continue to liaise closely with the joint administrators throughout the administration.  

The individuals appointed are authorised to act as licensed insolvency practitioners by the Institute of Chartered Accountants in England and Wales (ICAEW). They are responsible to this body and to the Insolvency Service. They are also officers of the court and will need to comply with all relevant insolvency law.