FCA visited 11 SIPP firms after 'Dear CEO' letter

'VREQs' in place

Hannah Godfrey
clock • 1 min read

The Financial Conduct Authority (FCA) has visited 11 self-invested personal pension (SIPP) businesses since it warned firms of their duties in its 'Dear CEO' letter, Professional Adviser can reveal.

A freedom of information request submitted by PA found 11 SIPP firms had been visited by the FCA. The visits came after the regulator issued a ‘Dear CEO' letter to the SIPP market following the legal decision against SIPP provider Berkeley Burke. The High Court rejected Berkeley Burke's claim against a 2014 Financial Ombudsman Service (FOS) decision in which the FOS ruled the SIPP administrator had to compensate a client after it failed to carry out appropriate due diligence on their investment. Berkeley Burke has since been granted permission to appeal the judgement.  The ‘Dear CE...

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