SIPP providers 'dragged thorough the dirt' following FSCS due diligence note

Tilley took issue with language in a note issued by the Financial Services Compensation Scheme (FSCS) regarding self-invested personal pension (SIPP) administrators being placed in default, as it appeared to suggest that it is the responsibility of the provider to do due diligence on all investments they have accepted. Last week, the FSCS declared three SIPP providers in default - Stadia Trustees, Brooklands Trustees, and Montpelier Pension Administration Services. In its notice, the industry lifeboat said the SIPP providers had failed to exercise due diligence on investments invested vi...