'Reckless' trustees could face compensation bill warns SIPPs provider

Speaking to delegates at the ninth annual Henry Stewart Conference on SIPPs in London yesterday, director David Phillips called for caution when it comes to dealing with people investing in a SIPP. Pointing towards the prospect of 'human' errors, Phillips said trustees have to make sure they have taken all the scheme beneficiaries into account when making a decision and not assume one member is acting for somebody else. If not, they may breach the ‘duty of care’ rules, which include acting in the members' best interest, he said. This could effectively give members an opportunity to...