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...
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