SIPP providers call for delay to Keydata pay-outs

The Association of Member Directed Pension Schemes (AMPS) sent a letter outlining its concerns to the FSCS and HMRC in April. It said: "The FSCS appears to be paying compensation direct to the member, rather than back to the SIPP/SSAS trustees or operators. "This works totally against the principles of pension provision." The letter also warned making payments without clarifying the issue may cause consumer detriment. AMPS gave several reasons for delaying compensation payments for SIPP and SSAS cases, centring on who should receive the money. It said when payments are meant ...