Q&A: Greg Kingston on SIPP due diligence

The FSA has criticised many SIPP providers’ due diligence processes when it comes high-risk investments. What processes should providers put in place? The first step should be having a clearly documented process. Without this, it would be impossible to operate defined controls. These higher risk investments are normally the esoteric ones, the traditional domain of bespoke SIPP providers. Their first check is likely to be whether the investment is permitted under HMRC rules, and then if they as a provider can accept it. Some providers have experience of a wide range of these types of inve...