Guinness Mahon Trust Corporation Ltd (GMTC) was declared in FSCS default in October 2020 after collapsing under a wave of compensation rulings for failing to scrutinise high-risk, non-standard assets introduced via unregulated networks. GMTC operated the Orbis SIPP and other products widely used by advisers such as Wellington Court Financial Services.
FSCS default declared: October 2020
Guinness Mahon Trust Corporation Ltd (GMTC) was a SIPP operator and trustee that operated the Orbis SIPP and related products. GMTC accepted business from a network of unregulated and overseas advisory firms — most notably Wellington Court Financial Services — who directed clients into high-risk investments including Dolphin Capital and other unregulated assets.
The FOS upheld a large number of complaints against both GMTC and the advisory firms that directed business to it. GMTC was declared in FSCS default in October 2020. Clients who transferred into GMTC products through Wellington Court were required by the FSCS to first exhaust their FOS rights against Wellington Court before FSCS could pay on the GMTC default. Wellington Court has failed to satisfy FOS awards, and the FCA has been notified. The FSCS is now directly assessing claims.
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 upheld the complaint and found that Wellington Court Financial Services had arranged the transfer into the GMTC Orbis SIPP on the claimant's behalf. The FOS found there was a lack of paperwork to show what advice, if anything, Wellington Court provided in return for its 1% advice fee. Wellington Court was found to have received fee payments it could not have overlooked, connecting it directly to transfers it sought to deny involvement in.
GMTC was declared in FSCS default in October 2020. The FSCS is processing claims. Clients who transferred through Wellington Court should be aware that the FSCS is now also considering Wellington Court claims directly following Wellington Court's failure to satisfy FOS awards.
Up to £85,000Where losses exceed the FSCS cap or where FSMA s.27 applies to the adviser introducer chain, civil proceedings may recover the full uncapped amount.
Uncapped — court proceedingsGMTC was declared in default in October 2020. FOS time limits on the underlying adviser complaints (against Wellington Court and others) run from the date of the advice — for many clients who transferred between 2013 and 2016, the six-year absolute FOS clock may have expired. However, the FSCS route, the three-year awareness clock, and the Wellington Court direct route are each separate. Obtain a formal assessment immediately. 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.
The Orbis SIPP was a self-invested personal pension product operated by Guinness Mahon Trust Corporation Ltd. It was widely used by advisory firms including Wellington Court Financial Services to place clients into high-risk unregulated investments such as Dolphin Capital.
Yes. You may have separate claims against both Wellington Court (for unsuitable advice) and GMTC (for due diligence failure as SIPP operator). The FSCS confirmed that GMTC clients who transacted through Wellington Court must first exhaust FOS rights against Wellington Court — but following Wellington Court's failure to pay, the FSCS is now considering Wellington Court claims directly.
The FCA has been notified of Wellington Court's failure to satisfy FOS awards. The FSCS is actively evaluating Wellington Court claims under its rules. Contact the FSCS directly or use the RA assessment to confirm which route is available for your specific case.
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