Gaudi SIPP – Platform One

Gaudi, a SIPP provider and administrator, has gone into administration. This is due to decisions by the Financial Ombudsman Service (FOS) that left Gaudi with liabilities it couldn’t afford.

About Gaudi

Gaudi was authorised and regulated by the Financial Conduct Authority (FCA)
The FCA sets rules for UK financial services firms and can step in if needed

Why administration happened

  • The FOS made decisions on complaints against Gaudi
  • These decisions meant Gaudi owed a lot of money
  • Gaudi couldn’t afford to pay, so went into administration

Issues with due diligence

The FOS looked into Gaudi’s investments and found problems with their checks.

One example complaint:

  • Mr C invested his £700,000 pension in high-risk Affinity Global Developments bonds
  • He did this via a Gaudi SIPP in 2015
  • In 2020, Affinity went into liquidation and the money was lost
  • The FOS said Gaudi shouldn’t have allowed this without proper advice
  • Complex links between companies should have warned Gaudi it could be a scam
  • The result was Gaudi facing a huge bill for compensation it couldn’t pay.

What happens next

  • Gaudi’s pension business has been sold to Platform One
  • If you had a Gaudi SIPP, Platform One should contact you soon
  • If Gaudi just administered your SIPP, your money is safe as other firms are unaffected

Summary:

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