The UK Financial Conduct Authority (FCA) today confirmed Donre Advisory Limited’s entry into liquidation.

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 (firm reference number (FRN) 513993) has entered creditors’ voluntary liquidation (CVL). It was previously known as Basi & Basi Financial Planning Limited.

The firm advised on and arranged deals in investments, including defined benefit pension transfers. It is the parent and controller of three subsidiaries:

• PSG SIPP Limited (PSG) (FRN 514654) a UK authorised self-invested personal pensions (SIPP) operator
• Relay Administration Ltd, a pension scheme administrator based in Gibraltar
• MC Holdings (Malta) Limited, based 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 overseas working with overseas based advisers (such as in the USA, Australia and Dubai).

Express Newspapers was an introducer appointed representative whose activities were limited to effecting introductions and distributing non-real time financial promotions in Express Newspapers for Donre Advisory and members of Donre Advisory’s group.

On 17 May 2024, the FCA placed restrictions on Donre Advisory, which prevented the firm from carrying on any regulated business. The regulator imposed restrictions because the firm was operating without any FCA-approved senior manager function holders and did not have adequate resources.

Having considered the firm’s financial position, the directors took steps to appoint liquidators.

Donre Advisory remains subject to supervisory oversight and our rules, and the FCA is working closely with the joint liquidators. Sean Bucknall and Andrew Hosking of Quantuma are officers of the court and are authorised to act as licensed insolvency practitioners by the Insolvency Practitioners Association (IPA).

Although PSG is owned by Donre Advisory, it is operationally independent and remains trading. To protect customers, PSG is also subject to requirements to retain the company’s assets and certain governance restrictions on the appointment of new board directors.

Customers of Donre Advisory and Onvestor can contact the joint liquidators, Quantuma:

• Helpline: 01273 322 400
• Email: DonreAdvisory@Quantuma.com
• Website: quantuma.com
• PSG’s 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