SIPP provider DAC Pensions - which had more than 600 clients and nearly £27m in assets under administration - has been declared in default by the FSCS, opening the door to compensation claims.

The Financial Conduct Authority (FCA) has ordered that Cambridgeshire SIPP provider DAC Pensions Limited be placed into insolvency after the firm accepted business from unauthorised introducers without the proper vetting required by the FCA.