AMPS challenges FSCS over investment due diligence responsibility

The Association of Member-Directed Pension Schemes (AMPS) said the FSCS had made the wrong decision when it accepted claims related to three SIPP providers on the basis that they failed to carry out proper due diligence of underlying investments held within SIPPs. AMPS said it was "premature" of the lifeboat fund to assume a SIPP operator was responsible in law for due diligence on investments chosen by the member. AMPS chairman Zachary Gallagher has written to the FSCS demanding an urgent reply.  Gallagher said: "The FSCS would seem to be premature in its presumption that a SIPP o...