UK Sipp provider and fintech Gaudi Regulated Services went into administration on the same day as it sold its pension business to platform provider Platform One, the Financial Conduct Authority said in a statement today (26 April).
On 25 April 2023, Gaudi sold its pension business to Platform One Limited (Platform One). On the same day, the directors of Gaudi Regulated Services Limited appointed qualified insolvency practitioners Sean Bucknall and Andrew Watling of Quantuma Advisory Limited as joint administrators.
Platform One is an FCA authorised SIPP operator and will take over administration of Gaudi's SIPPs. This means consumers who hold a SIPP administered by Gaudi can continue to contribute, withdraw, and make investment decisions as before.
Platform One will communicate next steps to consumers holding a SIPP administered by Gaudi, the FCA said.
The regulator said: "Gaudi was subject to several upheld final decisions from the Financial Ombudsman Service regarding some of the investments it allowed within its SIPPs. Gaudi's board of directors recognised the financial liabilities associated with these decisions and other potential Financial Ombudsman decisions.
"Having obtained the advice of insolvency practitioners and concluded that the firm is insolvent, the board decided to place the company in administration."
To read the full FCA statement, click here.
