The German Property Group (GPG), which traded as Dolphin Trust, Dolphin Capital and Red Rock, recently entered into preliminary bankruptcy proceedings in Germany holding millions in UK pension money.

Although it was unregulated, the FCA said some UK pension savers may have invested via regulated entities including advisers, SIPPs and SSAS.

In a joint statement the regulators said, “any money you might have invested in this scheme is at risk and you need to take action now to help recover this. The GPG companies are incorporated in Germany and are not authorised by the FCA.

“The FCA is aware that UK consumers have invested in GPG, either directly or via a self-invested personal pension scheme (SIPP) or small self-administered scheme (SASS) arrangement. We are working closely with the FSCS and the Ombudsman service on this matter and will be issuing further information as the situation develops.”

The FCA further warned that if consumers invested in GPG through a financial adviser they may be eligible for compensation.

The regulator said: “We are working with those financial advisers we have identified as advising UK customers to invest in GPG, as well as the SIPP operators we have identified that are holding people’s investments.”

GPG focused on redeveloping listed buildings in Germany into luxury residential property and promised UK investors double-digit returns.

However, investors saw the investments’ maturity date pass without payment leading to a review of the business.