AJ Bell's head of platform technical Mike Morrison is to launch his own investigation into who is really responsible for SIPP failures, following mixed decisions from the industry's ombudsmen, and conflicting signals from the regulator and other bodies.
Speaking after the SIPPs and Retirement Options conference last week, Morrison said the big message of the conference for him was a lack of clarity around who is responsible for SIPP failures and complaints. The failures will cost the industry 13% more in compensation this year - via the Financial Services Compensation Scheme (FSCS) - than in 2014/15. Just over one-fifth of this will be shouldered by life and pensions advisers. There have been calls for the FSCS life and pensions adviser category to be broadened to include SIPP providers, and this is one of the scenarios that will be ...
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