FSA to visit SIPP providers over Ucis concerns

The Financial Services Authority has started a series of visits to eight SIPP providers in an effort to tackle the risks posed by smaller firms and the use of Unregulated Collective Investment Schemes (Ucis) in SIPPs. Ucis are a form of investment, which, as their name suggests, are not regulated by the FSA. They are generally deemed to be higher risk and only suitable for ‘sophisticated investors’, over recent months the products themselves, along with the way they are distributed and bought, have been put under greater scrutiny the media and regulators. The latest visits by the FSA for part of a ...