NU to raise concerns over Sipps with FSA

The provider says it is concerned some of the marketing of Sipps emphasises the benefits without making enough mention of the possible pitfalls. It argues adverts which tell consumers that by buying residential property through a Sipp they will effectively reduce the cost of the property by 40%, because of the tax breaks, fail to warn there could be a substantial tax bill for investment in overseas properties or that the investor could lose control of their property. NU claims it is concerned some customers, particularly those with final-salary pension schemes, might be tempted to tra...