GMTC SIPP refers to the self-invested personal pension products operated by Guinness Mahon Trust Corporation Ltd — including the Orbis SIPP — declared in FSCS default in October 2020. If you held a GMTC SIPP, FSCS compensation routes are available, including via the Wellington Court and Forthplus adviser failures.
FSCS default declared: October 2020
GMTC SIPP is the collective term for self-invested personal pension products operated by Guinness Mahon Trust Corporation Ltd. The primary GMTC product was the Orbis SIPP, which was widely used by unregulated and overseas advisory firms — most notably Wellington Court Financial Services — as a vehicle for placing clients into high-risk, unregulated investments including Dolphin Capital and other overseas property schemes.
GMTC was declared in FSCS default in October 2020. The FSCS paid compensation for the SIPP operator's due diligence failures, but required clients who had transacted through Wellington Court to first exhaust their FOS rights against Wellington Court before FSCS could assess the GMTC default claim. Wellington Court's subsequent failure to satisfy FOS awards, and the FCA's notification, has led the FSCS to consider direct claims in connection with Wellington Court's activities.
The following decisions are a matter of public record held in the FOS decisions database. Summaries are factual and based on published ombudsman findings. Decision references can be verified at financial-ombudsman.org.uk.
The ombudsman found Wellington Court had arranged the Orbis SIPP transfer and received a 1% fee from the client's SIPP. The FOS upheld the complaint finding there was insufficient evidence of any advice provided in return for the fee. Wellington Court's denial of involvement was rejected.
GMTC was declared in FSCS default in October 2020. FSCS claims are open. Clients who were introduced by Wellington Court should note that the FSCS is now evaluating direct Wellington Court claims as well as the GMTC default claim.
Up to £85,000Where losses exceed the FSCS cap or where FSMA s.27 applies to the unregulated adviser chain, civil proceedings may recover the full uncapped amount.
Uncapped — court proceedingsGMTC default October 2020 — FSCS claims window has been open for some time. If you have not yet registered a FSCS claim, do so now. Additionally, the FOS clock on the Wellington Court adviser complaint runs independently and may be approaching expiry for transfers before 2019. See redressadvisory.com/time-limits for the full limitation framework.
Figures are indicative only and based on typical case profiles. Your actual position depends on your specific circumstances, the transfer value, and the applicable claim route. Not a guarantee of outcome.
Yes. The Orbis SIPP was a product operated by Guinness Mahon Trust Corporation Ltd (GMTC). GMTC SIPP and Orbis SIPP refer to the same family of pension products operated by the same defaulted firm.
You may have claims against both GMTC (for SIPP operator due diligence failure, via FSCS) and Wellington Court (for unsuitable advice, via FOS or FSCS). The FSCS has already paid over £260,000 in Wellington Court-related claims and is actively evaluating further claims against Wellington Court.
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