SIPP providers boost UCIS screening after FSA pressure

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SIPP providers have increased their level of screening for poor or unsuitable investments within their schemes.

The move comes after the Financial Services Authority (FSA) inspected 70 firms via questionnaire, phone or site visit. In a straw poll taken at the annual general meeting (AGM) of the Association of Member Directed Pension Schemes (AMPS), 55% of members said they had increased screening in the past year. A further 9% said they had begun outsourcing the screening of investments made through their SIPPs in the last 12 months, whilst 36% said they had made no change. The results come after several complaints to the Financial Ombudsman Service (FOS) claiming unsophisticated SIPP invest...

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