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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | July 2009 (12 blogs) | Sipp pension advice under close scrutiny
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Sipp pension advice under close scrutiny
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There are three articles in this morning’s press, each with its own angle on Self Invested Personal Pensions (Sipps). I’m not surprised by the first article which tells us that ‘Defaqto's research suggests a third of adviser firms see themselves as either pensions specialist, investment specialists or wealth managers’.
It’s good to hear that so many advisers see themselves as pension specialists. However, the next article is more worrying telling us that, ‘Half of the 30 adviser firms that the Financial Services Authority (FSA) carried out detailed assessments on as part of its thematic review of Sipp transfers have been earmarked for 'remedial' work and four firms have been subjected to an enforcement action for failings in their advice process.’
Now that’s not very good news at all, and neither is the third report, which leads us to conclude a possible downturn in the Sipp market: ‘Capita Self Invested Pensions (CSIPS) has told staff that 520 jobs are ‘at risk’ under a consolidation process at the firm.’ See:
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Mike Jones, MyCompanyPension.co.uk Ltd, July 1st 2009
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