London-based IFA Donre Advisory Limited (FRN 513993) - which previously traded as Basi & Basi Financial Planning Limited and has a SIPP subsidiary - has gone into liquidation two months after the FCA restricted its business activities.

The FSCS has also declared the firm as under investigation.

The firm entered creditors’ voluntary liquidation last Thursday, according to the FCA notice today.

The firm’s website reveals that Sean Bucknall and Andrew Hosking of Quantuma Advisory Limited in Brighton have been appointed joint liquidators.

Donre Advisory was set up in 2010 according to the FCA Register and advised on and arranged investments, including DB 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, which remains trading.

• 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:

• Onvestor Advisory Limited (Onvestor) (FRN 723576), which provides DB advice to UK nationals living overseas working with overseas based advisers (such as in the USA, Australia and Dubai). 

• Express Newspapers (FRN 455524), which was an introducer AR 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, the FCA placed restrictions on Donre Advisory, which prevented the firm from carrying on any regulated business.

It 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 FCA rules and the regulator said it was working closely with the joint liquidators.

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.