The FSA has updated its register to clarify Cyprus-based firm Inter-Alliance Worldnet Insurance Agents and Advisors is not permitted to conduct Sipp business in the UK under its passport.
The firm has submitted Sipp business to providers such as Hornbuckle Mitchell and Curtis Banks through its UK branch. Both Sipp firms have ceased dealing with Inter-Alliance and arecommending that clients introduced to them through the firm should appoint a new IFA. Neither firm is levying Sipp admin charges on these clients. Both firms say they are satisfied with their due diligence on the firm.
A recent update to the firm’s entry on the FSA register states the firm’s UK passport only covers the Insurance Mediation Directive and therefore Inter-Alliance has agreed not to submit any furtherSipp cases.
The register says: “The FSA has not imposed any formal requirement on Inter-Alliance Worldnet Insurance Agents and Advisors Ltd’s inward branch passport.
“Inter-Alliance Worldnet Insurance Agents and Advisors Ltd voluntarily agrees not to carry out the activity of advising on or arranging deals in personal pensions schemes – conducting Sipp business – on the basis that its authorisation pursuant to the Insurance Mediation Directive passport does not permit it to conduct such business.”