What happened in Ireland
Wellington Court Financial Services (FRN 465455) was an Irish-regulated firm passported into the UK, advising clients on UK pension transfers placed into GMTC (Guinness Mahon Trust Corp) SIPPs.
The FCA has removed Wellington Court's permissions and the FSCS has confirmed its default, with 329 open FSCS claims confirmed. The Irish passporting structure creates full UK regulatory liability for affected clients.
The GMTC SIPP connection opens a parallel Route 4 claim against the SIPP operator for governance failures — running separately from, and in addition to, the Route 3 FSCS adviser claim.
Who this affects
UK nationals in Ireland, or Wellington Court clients anywhere in the EU, who were advised to transfer a UK pension into a GMTC SIPP or other UK-regulated structure.