The UK’s Financial Services Compensation Scheme (FSCS) has warned it may impose an interim levy on life and pension advisers over the increasing number of claims related to self-invested personal pension schemes (Sipps).
The head of the UK’s Financial Services Compensation Scheme (FSCS) has called for the £50,000 ($64,907,€57,770) limit on payouts for clients who receive bad financial advice to be scrapped.
STM Group has entered into a conditional agreement to acquire UK Sipp provider London & Colonial and its subsidiaries for nearly £5.4m ($7.2m, €6.4m).
Australia-headquartered platform technology firm Praemium is to buy UK Sipp provider Wensley Mackay as part of its international plans to tap into the opportunities created by the UK’s radical pension freedom reforms.
IFG Group, the parent company of UK Sipp provider James Hay, has warned that the Bank of England’s (BoE) interest rate cut earlier this month could see platform charges rise.
The number of savers using self-invested personal pension schemes (Sipps) has increased 10-fold in recent years, data from the Association of British Insurers shows.
The former boss of collapsed UK platform Avalon Investment Services is to appear in court next week in connection with alleged fraud offences, British authorities have confirmed.
Brooklands Trustees, an FCA authorised Sipp provider, has gone into administration and sold its assets to Heritage Pensions, according to a note to clients from the new administrator Duff and Phelps.
Complaints about self-invested personal pension schemes (Sipps) had the highest success rate of any product looked at by the UK’s Financial Ombudsman Service (Fos) in the first quarter of this year.
Curtis Banks Group has acquired the self-invested personal pension (Sipp) business of UK-based European Pensions Management (EPM) for an undisclosed sum.
Self-invested personal pension (Sipp) provider AJ Bell has confirmed that it has reclassified the commercial property funds, suspended in last week’s market turmoil, as non-standard assets under the Financial Conduct Authority’s (FCA) upcoming capital adequacy rules.
Payouts to UK consumers, aggrieved by poor life and pensions advice, have more than doubled due to an increase in high risk Sipp investment claims, new figures from the Financial Services Compensation Scheme (FSCS) show.
