PSG SIPP Ltd (PSG) is a self-invested personal pension scheme (SIPP) operator authorised and regulated by the FCA. On 25 October 2024, Adam Stephens and Christopher Allen of Evelyn Partners were appointed as Joint Administrators.
Following their appointment the Joint Administrators sold the majority of PSG’s assets and all SIPP schemes, except the Unity SIPP, to Alltrust Services Ltd (Alltrust).
At the same time as the sale to Alltrust, the Joint Administrators also exchanged contracts with London & Colonial Services Ltd (“London & Colonial”) for a sale of PSG’s Unity SIPP business.
PSG’s employees and directors have transferred to Alltrust. An agreement is also in place with Alltrust: PSG’s former staff will continue to administer the Unity SIPP until the sale to London & Colonial is completed. If you have any urgent questions, you should contact PSG using its usual contact details.
In the meantime, you can monitor updates on the Joint Administrators' website.
The FCA have also published an update.
Latest updates
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15 Jan, 2025
FSCS is aware of the communication issued by the Administrators of PSG on 9 January 2025. This confirmed that the sale of PSG’s Unity SIPP business to London & Colonial (now Pathlines Pensions UK Limited) completed on 9 January 2025. This follows on from PSG entering Administration on 25 October 2024 and the sale at the same time of all PSG’s SIPP schemes (except for the Unity SIPP) to Alltrust.
We're aware that there may be customers with potential claims that may wish to submit those claims to FSCS. We're not currently open to customer claims - we're still investigating whether eligible claims are possible.
We will provide a further update on this page as soon as we have more information to give. Customers should subscribe to this page to receive the latest news.
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28 Oct, 2024
FSCS is not currently open to customer claims
We need first to establish whether there are any eligible claims. We are currently investigating this, and it is likely to take us some time. We anticipate that this will be a complex investigation working closely with the Joint Administrators.
The latest news regarding our work on PSG will appear on this page. It will be updated as our investigations progress.
Customers should subscribe to this page to receive the latest news.
What if I also dealt with another FCA-authorised firm?
In some cases, FCA-authorised independent financial advisers (IFAs) may have recommended customers transfer their existing pensions to a SIPP with PSG.
You can check to see whether the firm(s) you dealt with have ever been authorised by visiting the FCA's online register.
FSCS usually expects customers with another FCA-authorised firm to make a claim against that firm first.
If you dealt with another FCA-authorised firm that’s no longer trading, and haven’t already made a claim against them, you should submit a claim to FSCS against that firm. This could be an adviser, or the business partner that used the PSG SIPP under its own branding.
We consider different factors when calculating losses on pension advice (a claim against your financial adviser) compared to claims against SIPP operators (a claim against your SIPP provider).
This means you may receive more compensation for any losses by claiming against your financial advisor (IFA) compared to a claim against your SIPP provider. So, we recommend submitting a claim for compensation to us against your IFA first.