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Providers join working group to improve pension transfers

Royal London and Rothesay Life are among providers joining the Pensions Administration Standards Association’s transfers working group. The group has been set up by the industry body to look into the transfer process and what can be done to improve it. It will be chaired by PASA board director Gary Evans and examine the supply […]


Coutts to compensate Sipp investor over poor advice 

The Financial Ombudsman Service has ordered wealth manager Coutts & Company to pay compensation for advising a client to put £160,000 of their self-invested personal pension into an RBS Navigator investment bond. The upheld decision concerns Mr W who complains he did not fully understand the product he invested in and was unhappy with only […]


FCA survives complaint its FOS oversight is failing

The FCA has survived a complaint that it has failed in its duty to oversee the Financial Ombudsman Service. A complainant took their case to the FCA after saying that the regulator had not lived up to its statutory responsibility to make sure that FOS is capable of performing its duties, and has ignored evidence […]

What's going on in the 'offshore' world?

Graeme Robb, Senior Technical Manager at Prudential, explores the current state of the nation for offshore issues and highlights areas which may be particularly relevant to advisers. In the context of insurance companies, ‘offshore’ can be a relatively straightforward matter. Like their onshore equivalent, offshore bonds are ‘non-qualifying’ for tax purposes, meaning that all gains […]


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There are 7 comments at the moment, we would love to hear your opinion too.

  1. This isn’t a yes or no issue. I would say Yes, but subject to special regulatory permission, possibly a specific qualification and, perhaps more important than anything, relevant PII cover.

  2. Or, put another way, “Should some clients be denied suitable advice because it’s unsuitable for others?”

    • That would be a consequence of the regulatory pendulum swinging from no regulation at all to everyone being regulated according to the lowest common denominator. As you may have noticed, sensible, practical and consulted-upon middle courses aren’t quite the FCA’s forte. Targeted and proportionate? Naah, we don’t do that, we’ve granted ourselves a unilateral exemption from anything in the Statutory Code of Practice For Regulators ~ and the reason we can is that nobody enforces compliance with it. It was just a bit of token window dressing.

  3. The pertinent question is how would you stop them? Being unregulated they fly under the radar.

  4. If the only choice is ‘yes or no’, I would have to err on the side of ‘No’ but only because it is the slightly safer route; however a better solution would be for non regulated products to require specialist qualifications in the same way Equity Release or Final Salary transfers do. This would at least ensure those advisers choosing to use such products have a proven understanding of them and when it is suitable to use them.

    • Snap, so I voted NO for that reason. None of my clients need unregulated investments. The exeception to that is when it is appropriate to either make an in specie contribuion of an existing commercial proeprty in to their SIPP OR they are already looking for a comemrcial proeprty to operate their business from and as a good adviser we discuss the option of purchasing it in a SIPP. In 20 years, we’ve done about FOUR of those.

  5. Let’s not beat around the bush. On the whole, advisers have been an abject failure when it comes to UCIS.

    Novice investors receiving recommendations to transfer into a SIPP and invest their life savings in non-maintream, illiquid offerings from firms you’ve never heard of before and will never hear of again, the involvement of non-regulated “introducers” etc. I could go on.

    People might blame the regulatory system for not spotting it, and they would be correct to do so, but this is more about the actions of advisers.

    Re-do the poll on the same day as we all receive our requests to fund the FSCS, and then see what the answer will be.

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