PSG SIPP Limited (Company No. 07030395) entered administration on 25 October 2024. Joint administrators from Evelyn Partners were appointed. PSG had previously acquired the book of Heritage Pensions, Brooklands, Saltus and International ExPat SIPP in November 2021, inheriting those firms’ liabilities. Alltrust Services acquired the PSG SIPP book overnight and then restricted transfers out for over a year. The FOS has upheld four complaints against PSG. The FSCS is investigating.
Start your free assessment →PSG SIPP Limited operated self-invested personal pensions including the Unity SIPP product. In November 2021, PSG acquired the SIPP books of Heritage Pensions Limited, Brooklands, Saltus, and International ExPat SIPP — inheriting those firms’ client bases and, critically, the underlying regulatory liabilities arising from their historic due diligence failures and unregulated introducer networks.
PSG’s eventual collapse was partly triggered by the consequences of this acquisition and by its exposure to Donre Advisory Limited, a firm that relied on Brite Advisory Group for capitalisation. When Australian regulators froze Brite’s assets in October 2023, Donre became loss-making and entered creditors’ voluntary liquidation in July 2024. This contributed to PSG’s own capital position deteriorating to the point of insolvency. PSG SIPP Limited entered administration on 25 October 2024.
Immediately following the administration, Alltrust Services Limited — which also administers the book of Rowanmoor Personal Pensions (FSCS default December 2023) — acquired the PSG SIPP book, excluding the Unity SIPP scheme. The Unity SIPP book was separately contracted to London & Colonial Services. Alltrust then imposed restrictions that prevented clients from transferring their pensions away from Alltrust to a provider of their choice, creating a trapped position that persisted for well over a year.
The FOS decisions database records four upheld complaints against PSG SIPP Limited in the Pensions and Annuities category. All four are a matter of public record and verifiable at financial-ombudsman.org.uk. The full set can be searched using “PSG SIPP Limited” as the business name with the upheld filter applied.
The ombudsman upheld the complaint and found PSG SIPP had failed to act on the client’s instruction to return cash from an external general investment account to his PSG SIPP. PSG did not act from late November 2022 until May 2023 — a period of almost six months — without justification or meaningful explanation. The FOS found PSG caused the client a direct financial loss through its inaction. PSG was ordered to pay investment-based redress for the period plus £250 for trouble and distress. The ombudsman noted that PSG could and should have resolved this when handling the original complaint, avoiding the need for FOS determination. PSG readily conceded the delay when the investigator issued her findings.
The ombudsman found PSG SIPP had failed in two respects: it did not share notice of a fund merger with the client promptly upon receiving it in September 2022 (delaying until October), and it issued the client’s annual review pack late. PSG paid a full fee refund of £570 in partial settlement. The ombudsman found the settlement adequately covered both issues but confirmed the underlying failures were established — PSG should have shared the fund merger notice immediately on receipt and should have issued the annual review pack on time. The decision also confirmed PSG’s administrative contact systems had broken down: the February 2022 fund merger notice was sent to a contact at PSG’s administrator who had left in 2015, and multiple follow-up notices were returned undeliverable because PSG had not updated its contact details.
The FOS decisions database records two further upheld complaints against PSG SIPP Limited in addition to the decisions above. These decisions are available directly through the FOS decisions search at financial-ombudsman.org.uk using “PSG SIPP Limited” as the business name with the upheld filter. The pattern across all four decisions establishes a consistent picture of administrative failures — delayed instructions, poor communication, failure to maintain up-to-date contact records — that contributed to client financial losses and ultimately to the firm’s collapse.
PSG SIPP Limited: In administration. FSCS investigation ongoing.
Formal FSCS default not yet declared. FSCS claim window not yet open.
Unity SIPP: Being transferred to London & Colonial Services.
London & Colonial and Evelyn Partners will write directly to Unity SIPP holders
when the transfer completes.
All other PSG SIPPs: Transferred to Alltrust Services Limited.
Alltrust transfer restrictions: Clients have reported being prevented
from transferring away from Alltrust for significant periods following the overnight
book acquisition. FOS complaints about Alltrust’s administration are available
now independently of the FSCS investigation.
A FOS complaint against PSG SIPP can be submitted now for administrative failures, delayed instructions, and due diligence failures. An upheld FOS decision strengthens any subsequent FSCS claim when the formal determination is made.
Up to £455,000Where Alltrust prevented you from transferring your pension to a new provider for an unreasonable period after the overnight book acquisition, a separate FOS complaint against Alltrust may be available for its administration failures.
FOS jurisdictionThe FSCS is investigating PSG SIPP Limited. When the FSCS makes its formal default determination, the compensation route opens. Register with the FSCS now at fscs.org.uk to be notified immediately.
Up to £85,000 — pendingWhere an unregulated introducer directed your transfer into a PSG, Heritage, Brooklands, or Saltus SIPP, FSMA s.27 may provide a civil court remedy for the full uncapped transfer value, independent of the FSCS investigation.
Uncapped — s.27 FSMAOriginal transfer clock: The FOS six-year absolute clock runs from the date
your pension was originally transferred — whether into a Brooklands, Heritage, or PSG SIPP.
For transfers before October 2018, this clock has expired for the FOS route.
FSCS investigation clock: The FSCS has not yet declared PSG in default.
Register at fscs.org.uk/making-a-claim/failed-firms/psg-sipp now.
Awareness clock: The three-year awareness clock runs from when you first
knew or ought to have known about your loss — which may be later than the transfer date
if the transfer restriction or fund failure only recently became apparent.
See redressadvisory.com/time-limits.
Potentially three. Brooklands (administration 2016, FSCS default) — for the original due diligence failures. Heritage Pensions (FSCS default April 2026) — for failures during the period Heritage administered your SIPP. PSG SIPP — for the administration failures during the PSG period and any liabilities PSG assumed on acquisition. A formal assessment will identify which routes remain open at each stage.
PSG SIPP’s collapse was partly triggered by the failure of Donre Advisory Limited, which relied on Brite Advisory Group for capitalisation. When Australian regulators froze Brite’s assets in October 2023 and Donre entered liquidation in July 2024, this contributed to PSG’s capital position deteriorating. Clients who transferred into PSG SIPP via Brite Advisory or Donre Advisory may have additional claims against those firms under FSMA s.27 or FSCS routes.
The Unity SIPP was not sold to Alltrust. It was contracted to London & Colonial Services separately. London & Colonial and Evelyn Partners (the administrators) will write to Unity SIPP holders when the transfer completes explaining next steps. Your pension administration continues in the interim.
A FOS complaint against Alltrust Services Limited for unreasonable transfer restrictions is available now. The FOS has found in Hartley Pensions cases that successor operators cannot impose unreasonable restrictions on trapped clients. The key test is whether Alltrust’s restrictions were fair and reasonable in the circumstances — and any demonstrable financial loss caused by the restriction is recoverable.
Yes. If the advice you received to transfer into a PSG SIPP was unsuitable, or if PSG failed in its due diligence obligations on the introducer or investments, you have a valid complaint regardless of whether the transfer was technically “voluntary.” The FOS assessed suitability on the basis of the advice given and the firm’s regulatory obligations — not on whether you signed a transfer form.
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