Almost £2bn has been lost from UK pension pots and SIPPs since 2019 because of financial advisers and providers going out of business, according to new data from the Financial Services Compensation Scheme.

There was a last-minute surge of activity from SIPP investors at the end of the tax year as they used the week after the Easter bank holiday to max their annual allowances.

More than four in ten retirees (42%) surveyed by Standard Life said they regretted failing to seek financial advice.

The Financial Services Compensation scheme has today declared three financial advice firms as failed, including two SIPP-related and one linked to BSPS.

A report this morning from Hargreaves Lansdown found that the pension gender gap continues to grow.

People saved 18% more into their Hargreaves Lansdown SIPPs in the current tax year up to the end of December when compared to the previous year (April-December).

The UK’s SIPP market is about to top £500bn with five million SIPP investors, and could reach £1tn by 2030, according to a new report published this morning.

SIPP and SIPP drawdown investors added more diverse assets to their portfolios, including equity income and corporate bonds, in December according to Hargreaves Lansdown figures.

There was a near 10,000 rise in the number of complaints about SIPPs and non-workplace pensions in the first half of 2023, according to the latest FCA Complaints Data report.

Wellington Court Financial Services Limited, which was declared in default by the FSCS in June, has had its temporary permissions revoked by the FCA.