Freetrad SIPP and FCA / Vanguard concerns

For clarity I assume you mean a different entity in relation to their company structure? I.e gaudi trustees limited is still part of the gaudi structure. Just the FCA restriction applies to the gaudi regulated services company its self not the assets under its management under gaudi trustees limited?

I.e the same setup as Freetrade limited vs Freetrade nominees limited?

Correct me if I misunderstood?