Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what support the Government plans to provide UK-based investors in German Property Group (formerly Dolphin Trust) who invested directly in the trust without the advice of a third party advisor.

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 (SIPPs) 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 ).

It is important to note that some consumers will not have invested in GPG via a regulated financial adviser or SIPP operator. GPG is incorporated in Germany and is not, nor has ever been an FCA authorised firm. Unfortunately, in these cases compensation would not be available through the FOS or the FSCS routes. Investors should contact the German insolvency administrator, BBL Brockdorff & Partner. Investors may also choose to press charges or appear as a witness in the German criminal proceedings being led by the German Prosecution Office.