Due diligence on self-invested personal pension (SIPP) transfers is a straightforward task that should not be incurring the wrath of the regulator, advisers say.
The Financial Conduct Authority (FCA) is warning advisers - not for the first time this year - about complying with its rules on pension transfers to SIPPs. It said it had found widespread "serious and ongoing failings" among advisory firms, particularly relating to the due diligence performed on the SIPPs' underlying assets. Advisers were too frequently focusing on the suitability of the wrapper, rather than the investments, it concluded. Advisers have expressed frustration at the poor actions of some in the market, declaring that proper SIPP due diligence was not a difficult task...
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