Advisers may need to sharpen their focus on treating customers fairly (TCF) following today's DWP green-light allowing protected rights investment in SIPPs, Scottish Life's Alasdair Buchanan warns.
Buchanan says the FSA already has its eye on SIPP mis-selling scandals as part of its thematic review into the issue, and warns advisers to “be wary” of moving client cash into self-invested pension arrangements. The Department for Work and Pensions (DWP) today announced all registered pension schemes - including SIPPs - can hold protected rights from October 2008. Pensions Minister Mike O’Brien says: “These changes will give more flexibility and investment choice to people taking an active interest in the management of their pension fund. It will also be easier for individuals to transfe...
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