BBC's Panorama programme is investigating the use of unregulated collective investment schemes (UCIS) in self-invested personal pensions (SIPPs).
IFAonline understands that the BBC programme, due to be aired in March, will look at people being moved out of occupational pension schemes and schemes with the big name providers into more esoteric investments.
The programme makers are looking at several companies offering SIPPs, some UCIS providers, and the providers of pension unlocking schemes.
The focus is on "disaster situations" where investors have moved their pensions into investments such as UCIS without realising they were unregulated and have lost substantial amounts.
Last week the Financial Services Authority (FSA) issued a warning to advisers who recommend that clients invest in UCIS via their SIPPs.
The alert states that it has come to the FSA's attention that some financial advisers are giving advice to clients on pension transfers or pension switches without assessing the advantages and disadvantages of investments proposed to be held in the new pension.
In particular the FSA said it has seen financial advisers moving clients' retirement savings to SIPPs that invest wholly or primarily in high risk, often highly illiquid unregulated investments, such as overseas property, store pods, forestry and film schemes.
The FSA is investigating a number of firms and has secured a variation of their Part IV permission so that they are unable to continue operating in this way.
The regulator said it is also considering taking enforcement action against these firms.
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