SIPP operators 'not responsible' for third party advice

The Association of Member-Directed Pension Schemes (AMPS) is seeking to clear up recent misunderstandings which came to light following the FSA's recent publication of SIPP Operators: A Report on the findings of a thematic review, published in September 2009. AMPS committee member, David Phillips says: "The FSA's report confirms that firms acting purely as SIPP operators are not responsible for the SIPP advice given by third parties. However, they are expected to have adequate systems and controls to identify possible instances of financial crime and consumer detriment such as unsuitable...