Guardian SIPP is in talks to allow investors trapped in troubled investments to buy their way out of paying mounting administration fees, and to have direct access to any money clawed back from the firms deemed liable for their losses.
The talks, between Guardian, HM Revenue & Customs (HMRC) and the Financial Services Compensation Scheme (FSCS), centre on what to do about three problem investments that Guardian allowed savers to invest in via its pension tax wrapper - Green Oil Plantations, Harlequin Hotels and Resorts, and Sustainable AgroEnergy. Investors in the unregulated schemes are unable to access their cash and potentially face huge losses. They have complained SIPP providers, including Guardian, are forcing them to pay what could be years of administration fees adding up to millions of pounds for what may b...
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