FSA warns advisers over UCIS in SIPPs

Laura Miller
clock

The Financial Services Authority (FSA) has issued a warning to advisers who recommend that clients invest in unregulated collective investment schemes in their self-invested personal pensions (SIPPs).

The alert states that it has come to the FSA's attention that some financial advisers are giving advice to clients on pension transfers or pension switches without assessing the advantages and disadvantages of investments proposed to be held in the new pension. In particular the FSA said it has seen financial advisers moving clients' retirement savings to SIPPs that invest wholly or primarily in high risk, often highly illiquid unregulated investments, such as overseas property, store pods, forestry and film schemes. The FSA is investigating a number of firms and has secured a variati...

To continue reading this article...

Join Professional Adviser for free

  • 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
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Partner Insight: Smoothing the client investment journey to and through retirement

Partner Insight: Smoothing the client investment journey to and through retirement

There are multifaceted challenges that can impact a pension portfolio’s performance and a client’s investment mindset. Smoothed funds offer a potential solution, says Claire Altman, managing director for Individual Retirement Solutions at Standard Life.

Sarka Halas
clock 10 March 2025 • 3 min read
The wonder women from Fundcalibre's rated funds list

The wonder women from Fundcalibre's rated funds list

'These two top-rated women have been quietly delivering for investors for the long term'

Darius McDermott
clock 06 March 2025 • 5 min read
Schroders AUM reaches £779bn as profits rise 14%

Schroders AUM reaches £779bn as profits rise 14%

Firm gives strategy update in full year results

Sorin Dojan
clock 06 March 2025 • 2 min read