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FCA warns advice firm chief over unsuitable Sipp transfers


The chief executive of an unnamed advice firm has been issued a warning notice by the FCA over advice relating to unregulated Sipp investments.

In addition, the individual is a shareholder and director of an unregulated introducer firm that promoted the investments.

As a result, the individual benefited from advice fees on the Sipp transfer and commission paid to the introducer by the unregulated investment provider, the FCA says.

Customers were put at “significant risk” of agreeing to transfer into a Sipp that was unsuitable, the regulator adds.

Customers were also not given enough information about the actual and potential conflicts of interests at the firm.

The FCA says the individual failed to check whether the advice firm complied with the requirements and standards of the regulatory system.

Warning notices are not a final decision and individuals are able to present their case to the Regulator Decisions Committee.



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There are 5 comments at the moment, we would love to hear your opinion too.

  1. Don’t worry, all of us that don’t do Mickey Mouse SIPP investments will pick up the bill through our FSCS levy

    • Unfortunately Trevor, as always, its the end user that pays in the end. Ironically the average responsible end user doesn;t seem to have twigged that they pay through the nose to protect and support those who either milk the system, or who refuse to take responsibility for themselves.

      It’s not just in this industry that this occurs, its the whole western world from the top to the bottom…

  2. Trevor Harrington 12th January 2016 at 8:17 pm

    I want to know who the advice firm was – although I suspect I already do know …. Don’t we …

  3. How long before we clean this mess up and get rid of these Muppets, again “unregulated” investments !!

  4. All sounds very cosy.

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