The FSA is visiting a number of small Sipp firms to investigate the risks posed by unregulated collective investment schemes.
Over 2008 and 2009, the FSA undertook a thematic review of around 70 small Sipp providers to identify whether they were meeting its regulatory requirements.
Earlier this year, the FSA asked small Sipp providers to complete a questionnaire about their legal structures and capital adequacy provisions.
An FSA spokesman says the regulator’s latest investigation follows on from this work.
He says: “Following thematic work undertaken in 2008 and published in 2009, we have continued to engage with Sipp firms to help us learn how the market has changed over the last few years.
“The upcoming firm visits, like the questionnaire we sent out earlier this year, are part of our ongoing supervisory work in the SIPP market.”