HM Revenue & Customs (HMRC) should reinstate the use of a permitted investment list across the pensions industry to protect the end consumer from further scandals, according to London & Colonial (L&C).
It said the list should cover self-invested personal pensions (SIPPs), small self-administered schemes (SSAS) and qualifying recognised overseas pension schemes (QROPS). L&C itself is operating under its own permitted investment list and admitted it had already turned away business because of it. Head of business and product development Adam Wrench said it would be necessary for the Financial Conduct Authority, The Pensions Regulator and HMRC to work together to implement such a list. He said: "We have a moral duty to protect investors' money so that it is ultimately used to provid...
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