SIPPs: FSA to increase protection for SIPP investors

The FSA (Financial Services Authority) has today issued proposed new rules to increase protection for investors in the event of a SIPP provider failing. The FSA started to regulate SIPPs (Self Invested Personal Pensions) in 2007. Since then the SIPP market has grown significantly both in terms of the amount of money held in SIPPs and the range of investments held. The FSA has become concerned that some SIPP providers have insufficient financial resources to organise an orderly wind down of their business in the event of the provider collapsing, or deciding to exit the market....

Pensions: 5 scams & bad advice that can seriously damage your retirement

We’ve been shocked by some of the pension scams and examples of bad advice we have seen so far this year. For most people a pension, whether it is a workplace scheme, a Personal Pension or indeed a SIPP (Self Invested Personal Pension) will provide part of their income in retirement. However, we are seeing more and more examples of scams and bad advice that could seriously damage your wealth in retirement. We’ve put together a quick checklist of the worst five we have seen and how to avoid them....

FSA to review SIPP provider due diligence over UCIS concerns

The Financial Services Authority (FSA) is to conduct a review into the due diligence requirements of SIPP providers amid mounting concern over the sale of UCIS (Unregulated Collective Investment Schemes). Unregulated investments As the name suggests UCIS are investment schemes unregulated by the FSA, although Independent Financial Advisers, who may advise on UCIS investments and product providers, for example companies who run SIPPs which may accept UCIS investments, are regulated by the FSA. Over the past few months UCIS have come increasingly under the spotlight, both because of how they are marketed and the actual products themselves. There is mounting concern over the viability ...

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 ...