The regulator should crack down on self-invested personal pension (SIPP) providers that work with unregulated investment schemes promising above-average returns, according to one provider.
Dentons director of technical services Martin Tilley said so-called "bundled SIPP" offerings were ruining the reputation of the wider industry and the practice should be stopped. He said participants should be taken out of the market, fined and banned from operating. Tilley said: "It is precisely these types of people who are ruining it for the many. Offers that suggest if you invest in this particular asset it will immediately give you a 10% personal return is totally detrimental to the industry. "There has to be an absolute clear message out there that this will not be tolerated....
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