German Property Group, also known as GPG, Dolphin Capital, Dolphin Trust, Red Rock

In administration 8 October 2020

FRN: Not FCA authorised

You might be eligible for compensation

CHECK IF YOU CAN CLAIM

We’re aware of letters and emails attempting to scam customers by making a reference to FSCS, and in some cases claiming to be from us. It's completely free to make a claim through FSCS – we will never ask you for money. If in doubt, contact us by email or phone. See our Scams and fraud page for more information on how to protect yourself from scammers.A number of companies in the overseas investment scheme German Property Group (GPG) have recently entered bankruptcy proceedings in Germany.  These companies were also known as Dolphin Capital, Dolphin Trust and Red Rock. The GPG companies are not authorised by the Financial Conduct Authority (FCA).

FSCS is aware that some UK customers have invested in GPG. This has been done either directly, or via a self-invested personal pension scheme (SIPP) or small self-administered scheme (SAS).

If you invested your SIPP or SSAS in GPG through a financial adviser and/or a SIPP operator in the UK and you believe you were mis-sold, you may be eligible for compensation.

If an FCA-authorised adviser that’s still trading advised you to take out an investment in GPG, or you’ve invested via SIPP operator who accepted investments in GPG, you need to complain to them first. If you're unhappy with the response to your complaint, or you don't hear back from the firm within the relevant time period, the Financial Ombudsman Service may be able to help. It is a free and easy to use service that settles complaints between consumers and businesses that provide financial services.  

If you were advised by an FCA-authorised adviser that’s now no longer trading to take out an investment in GPG, or invested via SIPP operator that’s no longer trading, you should submit a claim to FSCS against your financial adviser or SIPP operator.

To make a claim for compensation with FSCS, you must be eligible under our rules. We can pay compensation up to our limits per investment - either £50,000 or £85,000 depending on when the firm failed.

We're pursuing recoveries in Germany in respect of the investors who we have compensated. But given the state of the companies’ affairs, the insolvency process is expected to take some time.  

  • 15 Oct, 2021

    We’re aware of letters and emails attempting to scam customers by making a reference to FSCS, and in some cases claiming to be from us. It's completely free to make a claim through FSCS – we will never ask you for money. If in doubt, contact us.

    See our Scams and fraud page for more information on how to protect yourself from scammers.

  • 03 Jun, 2021

    FSCS is aware that the insolvency administrator for one of the GPG companies (Dolphin Capital 80. Projeckt GmbH & Co. KG) has sent a letter to potential creditors about the insolvency proceedings. This link will download a copy of the letter (pdf 1.4MB). You can find more information about the status of the insolvency proceedings at www.gpg-inso.de. 

    FSCS has an obligation to pursue recoveries. This means we will be filing a claim in the GPG insolvency proceedings in respect of all customers who have received compensation from us in relation to their investment in GPG.

    If you have been fully compensated by FSCS for your losses associated with the GPG investment, you should not file a claim in the GPG insolvency proceedings. When we paid compensation, your rights to claim against the firm with which you originally arranged your investment and any relevant third parties including GPG, passed to FSCS. This means that you're not entitled to file a claim in the GPG insolvency proceedings.

    If you have received compensation from FSCS but still have uncompensated losses associated with the GPG investment, you should not file a claim in the GPG insolvency proceedings. When we paid compensation, your rights to claim against the firm with which you originally arranged your investment and any relevant third parties including GPG, passed to FSCS. This means that you are not entitled to file a claim in the GPG insolvency proceedings.

    However, if FSCS receives a return in relation to your investment(s) in the GPG insolvency proceedings, we will pass this on to you (or your SIPP) as further payment towards your uncompensated losses.

    FSCS is aware of a number of attempts to potentially scam GPG investors into parting with more money. These scams claim that some or all of their original investment can be returned to them. We have seen several letters purporting to be from a GPG company that bears the FSCS logo. These letters appear to be scams and you should not send money in response to them.

FSCS

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