SIPPs

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FOS orders compensation over Sipp transfer to Ucis

The Financial Ombudsman Service has told a firm to compensate a client who was advised to transfer their Sipp into an unregulated collective investment scheme.     The client, referred to as Mr C, complained that advice he received from The Citimark Partnership to invest funds from his Sipp into an Ucis was unsuitable. Mr C […]

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FOS upholds four Harlequin complaints against advice firms

The Financial Ombudsman Service has upheld four complaints regarding Harlequin investments against advice firms since the beginning of the year. The Harlequin group of companies marketed and built overseas luxury property developments, and is under investigation by the Serious Fraud Office. In a decision against West Sussed-based IFA Regency Financial Resources, the FOS ruled the […]

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FSCS pays out £13m for four Sipp advice firms

The Financial Services Compensation Scheme has paid out almost £13m in compensation claims against four failed Sipp advice firms, Money Marketing can reveal. The FSCS declared TailorMade Independent, 1 Stop Financial Services, Kynaston-Carnoustie Financial Consultancy and Crawford Scott in default in July following Sipp transfer claims against them. The FSCS says it has received 450 […]

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Advisers hit out at FSCS for ‘heart sinking’ £20m interim levy

Advisers have hit out at the Financial Services Compensation Scheme for landing life and pensions intermediaries with aninterim £20m levy after a wave of Sipp misselling claims. Firms began receiving invoices on 23 March and will have 30 days to pay, or to use existing credit facilities. The FSCS says the move was driven by […]

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Talbot & Muir calls time on non-advised business

Sipp provider Talbot & Muir is to stop all non-advised business when the new pension freedoms come into effect on the 6 April. The firm says it has been moving away from execution-only business but has now decided to run all future business through advisers. However, existing clients will be able to continue sending contributions […]

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Ignored risk assessments and DB transfers: Why FCA banned Sipp advice directors

Two former directors of advice firm TailorMade Independent advised ‘cautious’ customers to invest in high risk investments, and said they “did not have time” to deal with compliance issues. Earlier today, the FCA fined Lloyd Pope £93,800 for failings relating to advice to invest in unregulated investments via Sipps. Peter Legerton would also have been fined […]

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FCA fines and bans directors of Sipp advice firm

The FCA has banned two former directors of advice firm TailorMade Independent, which advised clients to invest over £110m in unregulated investments.  Lloyd Pope has been fined £93,800 and Peter Legerton would have been fined £84,000 if it were not for his financial position.  TailorMade gave advice on transferring pensions into unregulated investments such as […]

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Tilney Bestinvest launches annuity comparison tool

Tilney Bestinvest is launching an annuity comparison tool in partnership with Just Retirement. The free service will compare quotes from a panel of 10 providers: Aviva, Canada Life, Friends Life, Hodge Lifetime, Just Retirement, LV=, MGM Advantage, Prudential, Scottish Widows and Standard Life. It is part of a new At Retirement service being launched by […]

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Standard Life slashes drawdown charges

Standard Life is to scrap charges for customers in drawdown as providers firm up their offerings ahead of new pension freedoms coming into force next month. The firm previously charged a one-off fee of £208 on set-up and £312 for early depletion, but these have both been ditched. It continues to charge a maximum of […]