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Failed Guinness Mahon SIPP and Wellington Court Financial Services


Jcb2007
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In 2015 I invested £45,200 in a SIPP operated by Guinness Mahon, which is linked to Dolphin, later German Property Group. GPG went into administration to Feb 2020. My SIPP was due to mature in April 2020.

 

I first took my claim to FSCS.

They rejected my claim, I appealed and still got rejected. Their reason was that Wellington CFS signatures were involved in my pension transfer into the SIPP. This was a surprise to me. 

 

I then emailed and called Wellington, several times, eventually receiving an email stating I did not exist in their records.

 

I then opened a case with FOS.

My case has not yet been assigned a case handler.  From what I learned from others caught up in GPG. Wellington are stating their signatures were used fraudulently. Yet there is evidence of them taking fees. 

 

If you want to read more there is a GPG creditors association Facebook site. You will find others on there in the same position.

I did write to Wellington CFS and never got a reply.

 

If you call their Ireland number you get an answer machine.

Their office in Devon, does pick up but this is just a receptionist, takes a message and alas no one gets back to you.

 

I also heard Wellington CFS is linked to Spain.

I think the best outcome is that Wellington go into administration, at this point FSCS will be the last resort. 

Edited by dx100uk
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Hi. Thank you for starting a new thread and for telling us your story.

 

So you didn't have dealings with Wellington Court when you moved your funds from Scottish Widows to Guinness Mahon? My understanding is that anyone doing a pension transfer should have independent financial advice.

 

How much paperwork do you have and how much if any is from Wellington Court please?

 

HB

 

Illegitimi non carborundum

 

 

 

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If you check the Companies House website, Wellington Court Devon says it's the UK arm of Wellington Court FS. No directors are showing for some reason.

 

https://find-and-update.company-information.service.gov.uk/company/BR018905

 

The entry for Wellington in Ireland shows Adriana Lozinska as director with an address in Reigate. Clicking on her name doesn't show any other companies.

 

https://find-and-update.company-information.service.gov.uk/company/FC033818/officers

 

But if you type her name into the Cos House search box, you get a list that includes addresses in Devon and Spain.

 

https://find-and-update.company-information.service.gov.uk/search?q=adriana+lozinska

 

My hunch is that Adriana Lozinska is the person writing the emails that Simmonds has had.

 

HB

 

 

 

 

 

 

 

Illegitimi non carborundum

 

 

 

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I may have posted this before on the other thread, but for the record.

 

WWW.MONEYMARKETING.CO.UK

The FCA has stopped a firm involved in transfers out of a local government pension scheme from engaging in such activity. 

 

HB

Illegitimi non carborundum

 

 

 

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2 hours ago, honeybee13 said:

Hi. Thank you for starting a new thread and for telling us your story.

 

So you didn't have dealings with Wellington Court when you moved your funds from Scottish Widows to Guinness Mahon? My understanding is that anyone doing a pension transfer should have independent financial advice.

 

How much paperwork do you have and how much if any is from Wellington Court please?

 

HB

 

I used a friend who was unregulated working for a company called Return On Capital. From what I now know, an unregulated body must use a regulated person to authorise the transfer from my then Scottish Widows pension. I have all the paperwork and nowhere does Wellington CFS appear. However FSCS said they found evidence of signatures. I can see fees taken but it shows Guinness Mahon only. FSCS won't compensate me as Wellington CFS are still trading and I had to first open a dialogue with them. As we know from other posts they don't respond.

Jb

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On 27/11/2021 at 08:00, honeybee13 said:

That's very sad, Jb.

 

Did you see on Simmonds' thread that Wellington Court say they did consultancy work for GM? I'm wondering what that was.

 

HB

 

Yes, I saw.

 

I'm not as far forward with my FOS case, but a colleague of mine's Guinness Mahon SIPP case has just come to the conclusion by FOS, that Wellington (we jokingly refer to them Welly Boots) as accountable.

 

I let him know about this site as I expect he will get to the same point as Simmonds case and at some point me also.

 

My wife also invested in Guinness Mahon, not via Wellington and FSCS paid compensation.

 

Every case is different, it is a matter of waiting.

 

Meanwhile in Germany the administrators are dealing with the whole GPG mess,  which is behind the failed SIPP.  Just Google Germany Property Group or Charles Smethurst.

 

Jb

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24 minutes ago, Helinutz said:

Following this with interest.

Im in pretty much the same boat (although my figure is over 100K)

went through FSCS, they decided after a year that Wellington CFS signed off on it and were liable.

Contacted WCFS who eventually denied knowing me.

Then counted that with proof of £800 of fees paid to them for their role in the transfer.

They ignored me.

Contacted FOS who wrote to WCFS with an 8 week deadline to deal with it, they obviously didn't.

Now its with the FOS case officer and have been advised its a long process which could take anything up to a year.

Obviously due to the 85k cap with the Fscs, I would prefer it if WCFS were somehow forced into paying, but im not holding my breath on this.

Just for reference, there were 3 investments  in my Guinness Mahon SIPP, GPG (Dolphin) at 52K, ABC Car Parks at 22K and Olmsted at 28K.

The first 2 have gone to the wall with court cases in Germany and UAE respectively, the 3rd is allegedly still active but struggling to pay out its commitment and my return from that one was due in June 2020.

Welcome to the forum.

Please will you tell your story by starting a new thread. This is important because it means that people won't get confused where we have two or more issues on the same thread.

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7 hours ago, BankFodder said:

Welcome to the forum.

Please will you tell your story by starting a new thread. This is important because it means that people won't get confused where we have two or more issues on the same thread.

Also, the more new threads the better because that tends to be more attractive to the Google bots and it means that these issues go higher up in the Google ranking is when people search.

 

Your story will also tweet out on our Twitter feed

Please start a new thread

Hi, are you are of this group ? 

WWW.FACEBOOK.COM

Collective area where those of us owed money from German Property Group (GPG), formerly Dolphin Trust, to share...

Also to give you some hope, the FSCS paid back my wife's Guinness Mahon SIPP investment she only invested 25k though. 

.

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