Pensions Co. Enters Liquidation To Meet Clients' Complaints

By Najiyya Budaly (September 1, 2021, 4:43 PM BST) -- A provider of self-invested personal pensions has entered into liquidation in a move to help it deal with complaints from customers, the City watchdog has said, after it found that the company won business from unauthorized introducers.

DAC Pensions Ltd. has placed itself into creditors' voluntary liquidation, the Financial Conduct Authority said on Tuesday, which means that liquidators are now winding up the firm's personal pension scheme, the Davies & Co SIPP. The watchdog told the company's clients to "immediately stop paying contributions" to the retirement savings plan.

The FCA said in a supervisory notice published in August that the SIPPs...

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