Question to the HM Treasury:

To ask Her Majesty's Government what representations they have received about allegations of fraud connected to the Dolphin Trust; what steps they plan to take to safeguard UK investors' investments in the Trust; and whether the Trust is operating in the UK.

The Government are aware of the allegations of fraud made against the German Property Group (GPG), formerly known as the Dolphin Trust.

The Financial Conduct Authority (FCA) are working closely with financial advisers who have advised customers to make these investments and operators of Self Invested Personal Pensions (SIPPs) whose customers currently hold investments with GPG.

The FCA have published a joint statement with the Financial Services Compensation Scheme and the Financial Ombudsman Service. 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 SIPP operator, and they believe they were mis-sold. It can be accessed on the FCA’s website.

Companies under the German Property Group are incorporated in Germany and have never been authorised by the FCA. However, consumers should be assured that the FCA are working closely with all relevant external stakeholders on this matter and will share any further updates as and when they are able to.