DAC PENSIONS LTD.
DAC Pensions Ltd, previously known as Davies & Co SSAS Solutions Ltd, was authorised by the Financial Conduct Authority (FCA) with Firm Reference Number (FRN) 774721. The company entered voluntary liquidation on 27 August 2021. Subsequently, on 16 March 2023, the Financial Services Compensation Scheme (FSCS) declared DAC Pensions Ltd in default, acknowledging nearly 500 claims against the firm.
The Financial Conduct Authority intervened with the operations of the company after it was found not to be doing its business with the required level of care and due diligence. For instance, the company was guilty of accepting business from Cypriot and Irish introducers that were not authorised. They were responsible for transferring pensions into a SIPP so that clients could put money into risky assets through a model portfolio.
Have Your Transferred Your Pension?
Most of the time the investments were overseas Collective Investment Schemes that were unregulated and therefore not suitable for most retail clients.
People involved with DAC Pensions often received pension statements showing their pension as performing well, whereas the truth was that their investments were illiquid.
The FSCS only pays compensation after a claim against the correct independent financial advisor has been made. Even though the introducing company might have been fully regulated, there may have been other companies or third parties involved. As a result, you might need to raise a complaint with the Financial Advisor and then take the complaint to the Financial Ombudsman Service (FOS). If the company has either closed down or has no assets, then you need to take your claim to the FSCS. Where the funds lost are more than the compensation you got from the financial advisor, you might be entitled to even more compensation.
In the case where you haven’t correctly progressed with your claim or the company does not respond to it, the FCSC will only award compensation that is calculated based on the value of pension funds transferred in. If for whatever reason the FCSC doesn’t accept your claim, do not be afraid to challenge their decision.
Anyone who had dealings with the company (DAC Pensions) and transferred their pension may very well have been given advice that wasn’t suitable and they should have their transaction(s) reviewed. When choosing a company to help with this, be sure to avoid those ones that cold call you as they have purchased your personal details illegally and will be paying commission to the very company that mis sold you the product.
Next Steps
Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past.
Company background (public record)
The company was incorporated at Companies House on 13 August 2015 under company number 09731104. Its status at Companies House is recorded as liquidation.
Registered office: Office D, Beresford House, Town Quay, Southampton, SO14 2AQ.
Previously named: DAVIES & CO SSAS SOLUTIONS LIMITED.
Nature of business (SIC): 66290.
Company timeline (public record)
Key dated events for this firm, drawn from public records. Each entry shows its source.
| Date | Event | Source |
|---|---|---|
| 13 Aug 2015 | Company incorporated | Companies House |
| 13 Aug 2015 | Amelia Jane Davies appointed secretary | Companies House |
| 13 Aug 2015 | Amelia Jane Davies appointed director | Companies House |
| 13 Aug 2015 | Paul Michael Davies appointed director | Companies House |
| 20 Sep 2017 | Company renamed (previously DAVIES & CO SSAS SOLUTIONS LIMITED) | Companies House |
| 20 Sep 2017 | Amelia Jane Davies approved by the FCA at the firm | FCA Register |
| 20 Sep 2017 | Paul Michael Davies approved by the FCA at the firm | FCA Register |
| 20 Sep 2017 | FCA status recorded as: Authorised | FCA Register |
| 27 Aug 2021 | Company wound up (creditors’ voluntary liquidation) | Companies House |
| 27 Aug 2021 | Insolvency practitioner appointed: Sean Bucknall | Companies House |
| 27 Aug 2021 | Insolvency practitioner appointed: Andrew Lawrence Hosking | Companies House |
| 10 Sep 2021 | FSCS update: FSCS isn’t accepting claims at the moment, but we are investigating the matter urgently | FSCS |
| 15 Feb 2022 | FSCS update: We are continuing with our investigations into DAC Pensions Ltd | FSCS |
| 31 May 2022 | FSCS update: FSCS is now open to claims against DAC Pensions Ltd FSCS will now investigate whether any customers who have submitted c… | FSCS |
| 23 Sep 2022 | FSCS update: FSCS is aware that some customers have been incorrectly informed that DAC Pensions Ltd has been declared in default | FSCS |
| 11 Oct 2022 | FSCS update: We have almost completed our investigations into DAC Pensions Ltd and are reviewing the information we have received to … | FSCS |
| 16 Jan 2023 | FSCS update: We are now finalising the process that will enable us to assess claims against DAC Pensions Ltd | FSCS |
| 03 Feb 2023 | FSCS update: We've now finished our investigations into DAC Pensions Ltd | FSCS |
| 16 Mar 2023 | Declared in default by the FSCS | FSCS |
| 16 Mar 2023 | FSCS update: We can confirm that on 16 March 2023, FSCS declared DAC Pensions Ltd in default | FSCS |
| 11 Feb 2026 | Insolvency practitioner appointed: Elias Paourou | Companies House |
Who was involved?
The following individuals are listed on public records in connection with the firm. These are matters of public record only and their inclusion does not imply any wrongdoing by any named person.
- Amelia Jane Davies. Listed on the FCA Register as having held SMF3 Executive Director (from 09/12/2019), CF1 Director (20/09/2017 to 08/12/2019) at the firm.
- Paul Michael Davies. Listed on the FCA Register as having held SMF17 Money Laundering Reporting Officer (MLRO) (from 09/12/2019), SMF16 Compliance Oversight (from 09/12/2019), SMF3 Executive Director (from 09/12/2019), CF11 Money Laundering Reporting (20/09/2017 to 08/12/2019) at the firm.
- Paul Michael Davies. Listed on the FCA Register as having held SMF17 Money Laundering Reporting Officer (MLRO) (from 09/12/2019), SMF16 Compliance Oversight (from 09/12/2019), SMF3 Executive Director (from 09/12/2019), CF11 Money Laundering Reporting (20/09/2017 to 08/12/2019) at the firm.
- Amelia Jane Davies. Listed on the FCA Register as having held SMF3 Executive Director (from 09/12/2019), CF1 Director (20/09/2017 to 08/12/2019) at the firm.
Review page sources: FCA Register (FRN 774721) · Companies House (09731104) · FSCS. Public records, provided for transparency.
