The UK Financial Conduct Authority (FCA) has today confirmed the commencement of liquidation of Donre Advisory Limited.
On 11 July 2024 the directors of Donre Advisory Limited appointed Sean Bucknall and Andrew Hosking of Quantuma Advisory Limited as joint liquidators.
Donre Advisory (company reference number (FRN) 513993) has been placed in creditors’ voluntary liquidation (CVL). It was formerly known as Basi & Basi Financial Planning Limited.
The firm advised and arranged deals on investments, including defined benefit pension transfers. It is the parent and controller of three subsidiaries:
- PSG SIPP Limited (PSG) (FRN 514654) a UK authorized personal pension operator (SIPP)
- Relay Administration Ltd, a pension scheme administrator based in Gibraltar
- MC Holdings (Malta) Limited, domiciled in Malta
Donre Advisory is also responsible for two appointed representatives:
- Express Newspapers (FRN 455524)
- Onvestor Advisory Limited (Onvestor) (FRN 723576)
Onvestor provides defined benefit advice to UK nationals living abroad and working with advisers based overseas (such as in the US, Australia and Dubai).
Express Newspapers was an introducer appointed representative whose activities were limited to making introductions and distributing non-real time financial promotions to Express Newspapers for Donre Advisory and members of the Donre Advisory team.
On 17 May 2024, the FCA placed restrictions on Donre Advisory, which prevented the firm from carrying out any regulated activity. The regulator imposed restrictions because the firm was operating without any FCA-approved senior function holders and was under-resourced.
Having considered the financial condition of the company, the directors took steps to appoint liquidators.
Donre Advisory remains under our supervision and rules, and the FCA works closely with joint liquidators. Sean Bucknall and Andrew Hosking of Quantuma are officers of the court and authorized to act as authorized insolvency practitioners by the Insolvency Practitioners Association (IPA).
Although PSG is owned by Donre Advisory, it is operationally independent and still trades. To protect clients, PSG is also subject to asset retention requirements and certain governance restrictions on the appointment of new directors.
Clients of Donre Advisory and Onvestor can contact the joint liquidators, Quantuma:
- Helpline: 01273 322 400
- Email: DonreAdvisory@Quantuma.com
- Website: quantuma.com
- PSG customers can contact PSG directly:
- Phone: +44 3330 918 618
- Email: info@psgsipp.co.uk
- Website: psgsipp.co.uk/contact-us/
- Write to: PSG SIPP Limited, Unit F1, Avonside Enterprise Park, New Broughton Road, Melksham, Wiltshire, SN12 8BT