Your article is spot on. The reality is that there are literally dozens of these non-regulated companies chasing small pension pots all over the UK.
I predict that there will be thousands of poor people who will have moved regulated pension pots, including excellent DB scheme benefits into dodgy illiquid investments via Sipps before anything is done about it. The regulator will always be closing the door after the horse has bolted.
I have written to pensions minister Steve Webb twice but he is not interested and has told me to take it up with the Treasury because Sipps are the remit of that department. Laughable if it wasn’t so serious.
Accredited Later Life Adviser