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Jun 09 2018

FCA grilled by MPs over supervising SIPP providers

The FCA has been asked by MPs about the repercussions SIPP providers face if they fail to meet the regulator's due diligence expectations. MP Frank Field - also the work and pensions select committee chairman - sent a letter to the FCA raising concerns about SIPPs in relation to defined... read more →
Jun 06 2018

SIPP firm faces claims regarding unregulated introducers

SIPP administrator Guinness Mahon Trust Corporation faces five alleged claims that it worked with unregulated introducers to facilitate non-standard investments. The claims have been issued by law firm Anthony Philip James & Co after five claimants said their investments were not suitable for their needs. The investments took place between 2013... read more →
Jun 04 2018

Adviser will compensate client on Harlequin investment

The Financial Ombudsman Service (FOS) has ruled that advice firm Lansdown Place Financial Management must compensate a client who complained after their pension was transferred to a Harlequin fund via a Lifetime Company SIPP. It was ruled that Lansdown Place should not have transferred the money into an unregulated investment.... read more →
May 20 2018

Client of SIPP firm loses 95% of pension in Freedom Bay

A pension adviser has been told by the Financial Ombudsman Service (FOS) to compensate a client who lost 95% of her pension fund after a SIPP transfer into the unregulated Freedom Bay investment, a property on the island of St Lucia. In total, Mrs L lost £63,000 of her pension... read more →
May 07 2018
May 04 2018

FSCS bills driven up by defined benefit transfers

Financial Services Compensation Scheme (FSCS) bills for the coming year have risen sharply, partly due to the British Steel pension saga. FSCS revealed that more than £71m above their forecast for 2018/19 had to be levied including an extra £52m on life and pensions advisers. Fees had to be hiked... read more →