Failed SIPP firm PSG is sold to 2 competitors

Most of failed Sipp firm PSG SIPP Ltd (PSGS), has been sold to Alltrust Services Limited with one part, Unity SIPP, sold to London & Colonial. PSGS was owned by collapsed London-based IFA Donre Advisory Limited (FRN 513993) - which previously traded as Basi & Basi Financial Planning Limited. Donre went into liquidation in July two months after the FCA restricted its business activities. The FSCS has also declared the firm as under investigation. Today the FSCS also declared PSG SIPP Ltd under separate investigation. The takeover deal was arranged by the professional services and accountancy arm of Evelyn Partners which also has a substantial wealth management and Financial Planning division. Adam Stephens and Chris Allen of Evelyn Partners LLP were appointed as joint administrators of PSG SIPP Limited (PSGS) on 25 October following an application made under Paragraph 22 of Schedule B1 of the Insolvency Act 1986. Immediately following their appointment, the administrators completed the sale of PSG’s Self-Invested Personal Pension business, excluding its Unity SIPP scheme, to Alltrust. Alltrust provides trusteeship and administration services for a number of pension schemes including a variety of SIPP structures. At the same time as the PSGS sale to Alltrust, the administrators also agreed to a transfer PSGS’ Unity SIPP business to Sipp provider London & Colonial. The transfer is expected to complete by January. Evelyn Partners LLP says arrangements have been made with Alltrust to provide required staff and systems for PSGS to continue to operate the Unity SIPP until the transfer to London & Colonial. London & Colonial has worked in the Sipp sector for many years and acts as scheme administrator for about 5,500 SIPPs with a total investment value of £1.2bn. Evelyn says clients will be contacted in the coming days by both the joint administrators and Alltrust with information about their pensions. Adam Stephens, joint administrator, said: “We are pleased to announce completion of the sale to Alltrust and confirmation of exchange of contracts with London & Colonial. This will provide continuity of service to PSGS’s clients.” Chris Allen joint administrator, added: “We are also pleased to confirm that all of the employees of PSGS transferred to Alltrust, and there were no redundancies.” Osborne Clarke LLP acted as legal advisers to the Joint Administrators on the sale, led by restructuring and insolvency partner Will Gunston and Financial Services Regulatory partner Noline Matemera.

Failed SIPP firm PSG is sold to 2 competitors

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