Freedom SIPP has closed to new business due to administrative deficiencies identified by the FSA.
The news comes just weeks after Alliance Trust took the decision to close its Full SIPP to new members due to poor administration.
The firm, also called Freedom SIPP, says it decided to close its product to new business after the FSA's review.
Following a visit by the regulator, Freedom SIPP was told additional administrative procedures were needed to bring the product up to the standard it expects.
The firm says it will return to market and begin accepting new members once all the changes have been implemented.
John Quarrell, partner at Freedom SIPP, has refused to comment on the suspension due to 'legal proceedings'.
On 9 December, Alliance Trust confirmed it had suspended its Full SIPP product, sold mainly through IFAs, due to poor admin. Alliance Trust decided its service was not up the standard it expected, and the product has been suspended until further notice.
Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected]IFAonline
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