Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of bringing forward legislative proposals to establish a compensation package for people affected by the Dolphin Trust scheme.

The UK regulatory agencies are aware of the bankruptcy of German Property Group (GPG), formerly known as Dolphin Trust, and the effect on UK-based investors.

The Financial Conduct Authority (FCA) has published a joint statement with the Financial Services Compensation Scheme (FSCS) and the Financial Ombudsman Service (FOS). The statement sets out what UK consumers should do if they invested in GPG via an FCA authorised firm – either a financial adviser firm or a Self-Invested Personal Pensions (SIPP) operator – and they believe they were mis-sold. This includes how to complain to the FOS or submit a claim to the FSCS. The statement can be accessed on the FCA’s website: https://www.fca.org.uk/news/statements/gpg-companies-preliminary-bankruptcy-proceedings.

Some consumers will not have invested in GPG via a regulated financial adviser or a SIPP operator. GPG is incorporated in Germany and is not, nor has ever been an FCA-authorised firm. Unfortunately, in these cases, customers will not have recourse to the FOS or the FSCS.