Moret calls for simplification of SIPP compensation

The issue of compensation for SIPP investors has been thrown into the spotlight recently, following the collapse of Freedom SIPP, which went into administration last week. John Moret, director of sales and marketing at Suffolk Life, says the situation is confusing, and needs to be looked at urgently. "FSCS protection for SIPPs is overly complicated," he says. "You have different rules for different wrappers, and then a whole range of different coverage depending on the assets held in the SIPP." Under current FSA rules, protection for the SIPP wrapper itself varies, with those set u...