SIPP providers reveal scale of Keydata cash black hole

Investors are now starting to be compensated and some of the money returned to their fund, but only up to the £48,000 FSCS compensation limit. Any shortfall not covered by the scheme is lost from the SIPP, leaving many with a black hole in their funding. Providers say potentially tens of thousands of pounds will have been wiped off investors' individual retirement pots, which could prove impossible to plug for savers nearing their retirement date. Jonathan Lochery, director of IPM SIPP Administration, says: "Some of our clients had £150,000 in a single investment in Keydata. "We...