SIPP providers 'dragged thorough the dirt' following FSCS due diligence note

'The SIPP market is now clean and tidy'

Hannah Godfrey
clock
Martin Tilley: “The worrying thing is that it’s going to encourage frivolous claims against SIPP providers.”
Image:

Martin Tilley: “The worrying thing is that it’s going to encourage frivolous claims against SIPP providers.”

The wording used in an FSCS note suggests SIPP providers are always at fault for investment problems and drags providers "through the dirt," according to Dentons director of technical services Martin Tilley.

Tilley took issue with language in a note issued by the Financial Services Compensation Scheme (FSCS) regarding self-invested personal pension (SIPP) administrators being placed in default, as it appeared...

To continue reading this article...

Join Professional Adviser

 

  • 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.
  • Tap into our community intelligence through our regular Pro Adviser poll.
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Regulation

"The Coronavirus Act 2020 includes provisions to allow the extension to any of the powers contained within the bill and this issue should be raised urgently in government," said Graham Crossley, NHS pension specialist at Quilter.

End of Covid pension rules could see 7,000 NHS staff retire in March - Quilter

'Urgent action needed'

clock 17 January 2022 • 2 min read
"If the government sticks to its policy of linking state pension age to life expectancy , there would now be no case for raising pension age from 66 to 67 until 2051 - twenty three years later than currently planned, according to LCP.

Government's plans to raise pension age by 2039 'blown out of the water' - LCP

Life expectancy trends changing

clock 17 December 2021 • 2 min read
Mark Barlow, partner at XPS Pensions Group said despite this, transfer activity has yet to recover to pre-pandemic levels, perhaps a result of members finding it more challenging to access financial advice.

Falling gilt yields drive DB transfer values to record high - XPS

'Transfer activity has yet to recover from pre-pandemic levels'

clock 18 November 2021 • 2 min read