SIPPs: Rise in SIPP fraud reported

The Serious Fraud Office (SFO) has reported a rise in SIPP fraud, which could total £200 million. The SFO said that investigations into three cases were underway with more being monitored with the past 12 months seeing a number of high profile cases of fraud involving SIPPs. The £52 million GP Noble pension scheme frauds was one of the largest examples, with 2,000 investors also losing up to £40 million in an insolvent bio-fuel company. Jane de Lozey, of the SFO, said: “People are being encouraged to disinvest their pensions and put them in highly speculative schemes. Examples of this type of fraud ...