The Financial Conduct Authority (FCA) has warned of a scheme encouraging pension savers to transfer money from their work pension schemes into self-invested personal pensions (SIPPs) to be invested into an AIM listed company.
The regulator said savers are being asked to invest in investment firm Emmit through a SIPP wrapper, and some are being offered 'cash back' on their investments paid by a third party as an incentive to do this. To date £3m to £4m may have been invested in the scheme on behalf of 60 to 100 investors, some of which appear to have invested 100% of their pension assets, the FCA said. The FCA said it has "serious concerns" about pension saving losses as the individuals running the scheme "appear to be targeting inexperienced investors who might not understand the full implications of what ...
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