Cost of SIPP claims up 35% as FSCS pays out £105m

The lifeboat fund said the increase was due to failed advice firms that transferred savers out of occupational schemes into risky SIPP investments. It paid out £105m to compensate for these losses in 2016-17, compared with £78m in 2015-16.  The FSCS said a total of 3,565 clients were "wrongly advised" to shift their retirement from occupational schemes into risky assets held within SIPPs in 2016-17. It said: "Their riskiness means some investments inevitably fall and become illiquid. This trend began two years ago and has continued this year, with claims against an increasing number o...