Speaking at last week's Henry Stewart conference on SIPPs and retirement options, John Moret, principal of MoretoSIPPs, said the industry's inability to speak with one voice was a concern in the face of FSA scrutiny and well-publicised examples of SIPP abuse.
SIPPs suffered a further double-whammy last week as it was revealed directors of SIPP firm HD Administrators had been arrested on suspicion of fraud; while an overseas bio-fuel venture Sustainable AgroEnergy, used by SIPP investors, was being investigated by the Office of Serious Fraud. Speaking to Retirement Planner, Moret said: "Unfortunately due to the actions of a few irresponsible people, there is a real danger that the reputation of the whole SIPP market place is tarnished." Moret said the revelations were "appalling" but unless the SIPP industry came together, the FSA would con...
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