London-Based Donre Advisory Liquidates Following FCA Restrictions

Following the imposition of restrictions by the Financial Conduct Authority (FCA), Donre Advisory Limited, based in London, has entered liquidation.

The advisory firm initiated creditors’ voluntary liquidation (CVL) last Thursday (11 July), as indicated in a notice from the FCA.

The directors have appointed Sean Bucknall and Andrew Hosking from Quantuma Advisory Limited as joint liquidators.

Established in 2010 and originally known as Basi & Basi Financial Planning Limited, Donre Advisory specialised in investment advice and orchestrated deals, including defined benefit pension transfers.

Donre Advisory oversaw three subsidiaries: PSG SIPP Limited, a UK-authorised self-invested personal pensions (SIPP) operator; Relay Administration Ltd, a pension scheme administrator in Gibraltar; and MC Holdings (Malta) Limited.

The firm also managed two appointed representatives: Express Newspapers and Onvestor Advisory Limited.

Onvestor Advisory catered to UK nationals abroad, offering defined benefit pension advice in collaboration with advisers based in the USA, Australia, and Dubai.

Express Newspapers functioned as an introducer appointed representative, focusing on facilitating introductions and distributing non-real-time financial promotions for Donre Advisory and its affiliates.

On 17 May, the FCA restricted Donre Advisory from engaging in any regulated business activities.

The regulator cited the absence of FCA-approved senior management function holders and insufficient resources as the reasons for these restrictions.

After evaluating the firm’s financial condition, the directors opted to appoint liquidators.

The FCA has stated that Donre Advisory will continue to be under its supervisory oversight.

“We are working in close cooperation with the joint liquidators. Sean Bucknall and Andrew Hosking of Quantuma are authorised insolvency practitioners by the Insolvency Practitioners Association (IPA) and serve as court officers,” the FCA explained.

“While PSG is a subsidiary of Donre Advisory, it operates independently and remains active in trading. To ensure customer protection, PSG must retain the company’s assets and comply with governance restrictions on the appointment of new board directors.”

The FCA has advised clients of Donre Advisory and Onvestor to reach out to the joint liquidators at Quantuma for further guidance.