SIPP advice in FCA's sights with warning to firm CEO

Latest alert on SIPP advice

Laura Miller
clock • 3 min read

The Financial Conduct Authority (FCA) has issued a warning to the chief executive of an advice firm about transferring clients' money into unregulated investments held in self-invested personal pensions (SIPPs).

The alert comes amid rising claims at the Financial Services Compensation Scheme (FSCS) related to SIPP advice, as clients' complaints push firms into default and the bill for compensating them onto the industry. A notice on the FCA's website from 7 December said that the CEO, who is not named, promoted unregulated investments through an unregulated introducer company in which they were a shareholder and director. As a result the individual benefitted financially from both the fees customers paid for the firm's advice on the SIPP transfer, and the commission the provider of the unregu...

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 Pensions

Why the real problems of the pensions dashboard are yet to start

Why the real problems of the pensions dashboard are yet to start

'Its aims seem not only less relevant but potentially problematic'

James Floyd
clock 23 June 2025 • 5 min read
Turning data into dialogue: Helping clients visualise retirement realities

Turning data into dialogue: Helping clients visualise retirement realities

'Data is more than just a collection of figures, it's a powerful tool for engagement'

Joshua Croft
clock 20 June 2025 • 3 min read
Average pension transfer took just 11 days at tax year-end

Average pension transfer took just 11 days at tax year-end

Origo says transfer times decreased around tax year-end with half taking seven days or less

Jasmine Urquhart
clock 17 June 2025 • 2 min read