Self-invested personal pension (SIPP) providers involved in unregulated collective investment schemes (UCIS) have again been warned about their suitability by the Financial Services Authority (FSA).
In the annex to its latest SIPP thematic review findings, the FSA highlighted the need for providers to exert exceptional due diligence when dealing with UCIS, which it described as "complex, opaque, illiquid and risky". The review, released yesterday, uncovered widespread failings among SIPP operators, specifically criticising a lack of understanding among firms' senior management of regulatory requirements and individual responsibilities. All SIPP market operators are now required to perform a review of their operations in light of the review. The first annex to the review reiter...
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