FCA Restrictions Lead to Liquidation of London-Based Advisory Firm

Islington-based advisory firm Donre Advisory has entered liquidation following stringent regulations imposed by the Financial Conduct Authority (FCA). In an update released today (16 July), the regulator noted that on 11 July, the directors of Donre Advisory appointed Sean Bucknall and Andrew Hosking from Quantuma Advisory as joint liquidators after evaluating the firm’s financial standing.

This move follows the FCA’s decision on 17 May 2024, to restrict the firm’s operations, prohibiting it from conducting any regulated business. The restrictions were imposed due to the firm’s lack of FCA-approved senior manager function holders and inadequate resources.

Donre Advisory has now entered into creditors’ voluntary liquidation. The firm, previously known as Basi & Basi Financial Planning, specialised in advising on and arranging investment deals, including defined benefit (DB) pension transfers.

The advisory firm is the parent company to three subsidiaries: self-invested personal pensions (SIPP) operator PSG SIPP; Gibraltar-based pension scheme administrator Relay Administration; and Malta-based MC Holdings.

Although PSG is owned by Donre Advisory, the FCA noted that it operates independently and continues to trade. To safeguard customers, PSG is subject to requirements to retain the company’s assets and faces governance restrictions on the appointment of new board directors.

Donre Advisory is also responsible for two appointed representatives: Express Newspapers and Onvestor Advisory.

Onvestor Advisory offers DB advice to UK nationals living overseas, working with advisers based in countries such as the USA, Australia, and Dubai. Express Newspapers served as an introducer appointed representative, limited to effecting introductions and distributing non-real-time financial promotions in Express Newspapers for Donre Advisory and its group members.

Despite the liquidation, Donre Advisory remains under supervisory oversight and must adhere to FCA rules. The regulator stated that it is working closely with the joint liquidators to manage the situation.