SIPP reforms just 'tamper with the fringes' of mis-selling, says Moret

Moret said the arrests of and investigations into the directors of HD Administrators (HDA) demonstrate the need for an "urgent overhaul" of all SIPP regulation. In March, the FSA re-opened a consultation on proposals which would see all SIPPs subject to the same strict disclosure rules regardless of what kind of investments they hold. Originally, the regulator proposed some SIPPs would be excluded from the requirements if they held certain investments such as commercial property, shares or commodities. However, Moret said the FSA's proposals do not go far enough. "The appalling ...