Regulations should crack down on the promotion of unregulated investments rather than increase elf-invested personal pension (SIPP) red tape, a trade body says.
The Association of Member Directed Pension Schemes (AMPS) said the Serious Fraud Office (SFO) and the Financial Services Authority (FSA) should not increase the regulation of SIPP providers unnecessarily. It said SFO had expressed concern about the unregulated nature of SIPP trustee companies, which are not regulated by the FSA or The Pensions Regulator. AMPS chairman Andrew Roberts said: "While bona fide SIPP operators would of course be able to accommodate regulation of their bare trustee companies, this would not stop fraud being committed within the investment fund which seems t...
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