FSA warns advisers over UCIS in SIPPs

Laura Miller
clock

The Financial Services Authority (FSA) has issued a warning to advisers who recommend that clients invest in unregulated collective investment schemes in their self-invested personal pensions (SIPPs).

The alert states that it has come to the FSA's attention that some financial advisers are giving advice to clients on pension transfers or pension switches without assessing the advantages and disadvantages of investments proposed to be held in the new pension. In particular the FSA said it has seen financial advisers moving clients' retirement savings to SIPPs that invest wholly or primarily in high risk, often highly illiquid unregulated investments, such as overseas property, store pods, forestry and film schemes. The FSA is investigating a number of firms and has secured a variati...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Why non-transparent managers are behind most failed acquisitions

Why non-transparent managers are behind most failed acquisitions

‘They don’t understand the importance of culture and cohesion’

Rami Cassis
clock 12 April 2024 • 3 min read
Partner Insight: Understanding the investment universe

Partner Insight: Understanding the investment universe

Invesco
clock 12 April 2024 • 6 min read
FCA issues warning notice to Neil Woodford over liquidity failings

FCA issues warning notice to Neil Woodford over liquidity failings

The firm failed on four accounts between 2018 and 2019

James Baxter-Derrington
clock 11 April 2024 • 2 min read