SIPP providers call for delay to Keydata pay-outs

clock •

Pension providers have urged the Financial Services Compensation Scheme (FSCS) to stop making Keydata compensation payments in SIPP and SSAS cases until a number of legal issues are resolved.

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 ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on uncategorised

PA Awards 2027: Last chance - entries close at midnight tonight

PA Awards 2027: Last chance - entries close at midnight tonight

The 22nd Professional Adviser Awards will take place in London next March

Professional Adviser
clock 18 September 2026 • 1 min read
Multi-Asset and MPS Roadshow: Last chance to join PA in Harrogate or Warrington

Multi-Asset and MPS Roadshow: Last chance to join PA in Harrogate or Warrington

Hear from Aberdeen, Aviva Investors, Clever, Downing, Fidelity, Quilter Cheviot, Rathbones

Professional Adviser
clock 08 September 2026 • 1 min read
Two including former police officer charged in connection with £720,000 investment fraud

Two including former police officer charged in connection with £720,000 investment fraud

Due to appear at Westminster Magistrates’ Court

Sophia Panayi
clock 04 June 2026 • 1 min read