Anyone investing in a pyramid in this day and age gets a good value out of such an investment. The lesson is priceless, so no compensation is due.
Unless you paid an adviser or intermediary for appropriate financial advice rather than a lesson in how certain types of schemes work, or if you paid a SIPP provider to act as trustees, in which case compensation most definitely is payable, and FSCS-protected if they were FCA-authorised.
And Dolphin Trust isn't a pyramid scheme. In a pyramid scheme each punter has to recruit a given number of punters to receive a payout. If a scheme using new investors' money to pay existing ones allows punters to receive a return passively (providing they join early enough), it's a Ponzi scheme.
Dolphin Trust in the UK are now using Whites for payments https://whitesgroup.com/ . This group appears to part of Dolphin and is FCA registered ! There is also a phone number for the Dolphin trust office 00441915005459 . Did anyone receive any payments recently ?
Most SIPP providers would not accept that investment anyway. Would be classed under the FCA rule as a 'non standard asset'. For capital adequacy purposes alone, I wouldn't touch a provider accepting that sort of asset.
See the recent Berkley Burke court case for reasons why!!
Dolphin Trust in the UK are now using Whites for payments https://whitesgroup.com/ . This group appears to part of Dolphin and is FCA registered !
WTUK has been going since 2012 and has been owned by pretty much the same guy throughout most of that time (with some changes to how much of the company he owned). I can't see any public sign that it's part of Dolphin. Whites appear to be only middlemen who move money from A to B, and nothing to do with the investment scheme.
Most SIPP providers would not accept that investment anyway.
Dolphin Trust has been going since 2013 or earlier. SIPP providers tended to be more relaxed about unregulated bonds back then. A few of them thought (wrongly) that the fact that it was a "self" invested personal pension meant they could ignore their common law duties as trustees. The Berkley Berk court case has largely woken them up.
And is there anyone here who is surprised at that outcome
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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Unless you paid an adviser or intermediary for appropriate financial advice rather than a lesson in how certain types of schemes work, or if you paid a SIPP provider to act as trustees, in which case compensation most definitely is payable, and FSCS-protected if they were FCA-authorised.
And Dolphin Trust isn't a pyramid scheme. In a pyramid scheme each punter has to recruit a given number of punters to receive a payout. If a scheme using new investors' money to pay existing ones allows punters to receive a return passively (providing they join early enough), it's a Ponzi scheme.
See the recent Berkley Burke court case for reasons why!!
WTUK has been going since 2012 and has been owned by pretty much the same guy throughout most of that time (with some changes to how much of the company he owned). I can't see any public sign that it's part of Dolphin. Whites appear to be only middlemen who move money from A to B, and nothing to do with the investment scheme.
Dolphin Trust has been going since 2013 or earlier. SIPP providers tended to be more relaxed about unregulated bonds back then. A few of them thought (wrongly) that the fact that it was a "self" invested personal pension meant they could ignore their common law duties as trustees. The Berkley Berk court case has largely woken them up.