Greyfriars Asset Management went into administration in October 2018. The FSCS began accepting claims in February 2019 and declared Greyfriars in default in April 2020. If you held a Greyfriars SIPP — particularly through Portfolio Six — you may have grounds for compensation.
Greyfriars Asset Management LLP was a discretionary fund manager (DFM) and SIPP operator that came to prominence through its Portfolio Six investment offering. Portfolio Six contained a range of high-risk, non-standard, and illiquid assets — including unregulated investment schemes such as ABC Bonds (Alpha Business Centres), Lanner Car Parks, Olmsted Properties, and The Resort Group.
Clients were typically introduced to Greyfriars through unregulated pension introducers who recommended transferring existing pensions to a Greyfriars SIPP in order to access Portfolio Six. Many clients were unaware of the illiquid and high-risk nature of the underlying investments.
The FCA expressed significant concerns about Greyfriars' Portfolio Six offering prior to its collapse. Greyfriars sold its advisory arm to Insight Financial Associates before entering administration in October 2018, and its SIPP book was sold to Hartley Pensions — which itself subsequently entered administration in July 2022. A further tranche of Greyfriars clients moved to Gaudi Regulated Services, which entered administration in April 2023 and was declared in default by the FSCS in March 2026.
Depending on the firm's current regulatory status and the nature of your loss, one or more routes may apply to your case.
Greyfriars itself is in administration and is unable to process complaints in the usual way. However, if an FCA-regulated financial adviser recommended the Greyfriars SIPP to you and is still trading, a Route 1 complaint against that adviser remains available.
Against live adviser onlyWhere an FCA-regulated adviser recommended the Greyfriars SIPP and has rejected your complaint, you may escalate to the FOS. FOS can consider whether the recommendation was suitable given your attitude to risk, investment horizon, and financial circumstances.
Against regulated adviserThe FSCS declared Greyfriars in default in April 2020 and is accepting claims. Where an IFA has also failed, separate FSCS claims against both the adviser and Greyfriars may be available. If you were introduced by an unregulated introducer, a claim directly against Greyfriars may be your primary route.
FSCS in default — claim nowWhere FSCS caps leave residual losses — particularly for those with large pension transfers — civil litigation may allow uncapped recovery. Claims may be available under FSMA s.27 where contracts were entered into via an unauthorised introducer.
Uncapped recovery optionThe Greyfriars claims rest on two principal legal theories. First, FCA-regulated advisers who recommended the Greyfriars SIPP failed their suitability obligations under COBS 9 — they did not adequately assess whether the underlying Portfolio Six investments were suitable for their clients' needs, risk tolerance, and financial position.
Second, Greyfriars as a SIPP operator and DFM failed its own due diligence obligations — it accepted non-standard, illiquid assets into client SIPPs without adequately assessing their suitability. This operator-level liability was confirmed by the Court of Appeal in Options UK Personal Pensions LLP v Fletcher [2024] EWCA Civ 541, which held that SIPP operators owe a duty of care in respect of the assets they permit to be held within their product.
Where clients were introduced by unregulated introducers, the principles from Adams v Carey Pensions UK LLP [2020] (FSMA s.27 unauthorised contracts) may also assist in establishing liability at the SIPP operator level.
Pension mis-selling claims are subject to strict time limits under DISP, the Limitation Act 1980, and FSCS rules. Missing a deadline can bar you from compensation permanently.
FSCS claims against Greyfriars are open but subject to eligibility time windows. Adviser claims also have DISP time limits (six years from the advice date, or three years from discovery, whichever is later). If your SIPP transferred through Hartley or Gaudi, additional deadlines may apply. Do not delay — see redressadvisory.com/time-limits for guidance.
Redress Advisory will assess your case, identify the appropriate route, and manage the process through our regulated solicitor partner panel — at no upfront cost.
Start Your AssessmentYou do not need to use a claims management company to pursue a pension mis-selling complaint. You can complain directly to the financial firm, escalate to the Financial Ombudsman Service (FOS), apply to the Financial Services Compensation Scheme (FSCS), or instruct a solicitor independently — all free of charge. Using Redress Advisory does not improve the likelihood of success compared to pursuing a claim yourself, and our fee will reduce any compensation you receive.
Redress Advisory Ltd (Company No. 17295681) is a claims management company. Regulated legal work is carried out by our Operating SRA Partner solicitor firms. We are not a firm of solicitors and we do not provide legal advice.
The information on this page is for general informational purposes only. It does not constitute financial, legal, or claims management advice. Individual outcomes depend on the specific facts of each case. Historical outcomes in related cases are not a guarantee of results in your case.
FOS: 0800 023 4567 | FSCS: 0800 678 1100 | FCA Register: register.fca.org.uk