FSA provider probe reveals poor SIPP practices

As a result, the regulator has promised further publications on SIPPs and investments, particularly unregulated collective investment schemes (UCIS), over the next year. Earlier this year, the FSA conducted an investigation of SIPP providers' practices, involving questionnaires sent out to 70 firms, 33 phone interviews and seven visits to businesses. Yesterday the regulator revealed it found poor due diligence practices on clients' assets and investments, unclear disclosure, and a lack of proper administration procedures. Milton Cartwright, manager of pensions investment policy at ...