DAC Pensions Ltd, formerly known as Davies and Co SSAS Solutions Ltd, was declared in default by the FSCS on 16 March 2023. By that point, the FSCS had received 482 claims against the firm, all relating to SIPPs. The scale of claims reflects the scale of harm: hundreds of people who had trusted a regulated pension provider with their retirement savings, only to find those savings placed into investments that were neither appropriate nor recoverable.
The Introducer Relationships
The FSCS’s investigation focused on the firm’s introducer relationships. Two entities in particular were identified. Elliot Lloyd International, formerly known as Walker Murray and based in Ireland, and Woodbrook, based in Cyprus, acted as introducers, channelling clients towards DAC SIPPs and then directing pension funds into a model portfolio of overseas investments. Many of those investments were unregulated collective investment schemes, based outside the UK and wholly unsuitable for retail pension holders.
The Extent of Losses
For clients who found their pension money placed in these arrangements, the losses have often been total. Investments that were illiquid, overseas and unregulated have in many cases proved impossible to recover. If you were affected, you may have grounds to pursue SIPP claims through the FSCS.
You Do Not Need to Claim Against the Introducer First
The FSCS has confirmed an important point for those introduced to DAC by Elliot Lloyd International: you do not need to pursue a claim against Elliot Lloyd International before bringing a claim against DAC. The FSCS believes that Elliot Lloyd International, despite still appearing to be an active firm, is unlikely to be able to meet claims against it. Your claim against DAC can proceed directly.
If you were introduced to a DAC Pensions SIPP by any of the entities named above, and invested in assets that have since failed or become inaccessible, we want to be absolutely clear with you: this was not your mistake. You were placed into an arrangement by a regulated pension company that had a legal obligation to ensure it was suitable for you. It was not. That is the firm’s failure. Many victims of mis-sold pensions feel hesitant to come forward, but you should not.
Get Help With Your Claim
If you had dealings with DAC Pensions and are worried about your money, please book a free consultation with our team. You may feel embarrassed about what has happened, but you should not. You were let down by people who had a professional and legal duty to act in your best interest. We will carry out all the investigative work on your behalf, at no cost to you. If your claim is not successful, you will not pay a penny. Call us during office hours or email hello@claimmyloss.co.uk — we are here for you.
