SIPPs: Ombudsman finds against SIPP provider in landmark ruling

Financial Ombudsman ServiceThe Financial Ombudsman Service (FOS) has upheld a complaint made by an investor, in a ruling which could have wide ranging implications for other SIPP providers and investors. The FOS has ruled against Leicester based SIPP (Self-Invested Personal Pension) provider Berkeley Burke, following a complaint made by an investor into an unregulated biofuel investment scheme, Sustainable AgroEnergy, in 2011. Have you been mis-sold a SIPP investment?...

SIPPs: SIPP providers, interest rates and cash accounts – the debate continues

HiResSIPPs (Self-Invested Personal Pensions) are big business in the UK with more than one million in existence. Investors would be forgiven for thinking that SIPP providers make the majority of their income from the fees paid by investors. For many SIPP providers that is indeed the case, but some take a cut of the interest paid on the mandated SIPP bank account, which is designed to move money between investments, receive contributions, pay income and hold money in the ...

SIPPs: Industry body raises concern over “consumer harm”

SIPPs Industry body raises concern over consumer harmThe trade body for the self-invested pension industry, the Association of Member Directed Pension Schemes (AMPS), revealed their response to the Financial Services Authority’s (FSA) capital adequacy paper this week and has admitted concerns that if the proposals are implemented without change they could actually be harmful to consumers; the exact opposite of the FSA’s intention. FSA consultation paper The consultation paper, CP12/33, was published by the FSA late last year, with proposals designed to ...