As I am getting older, I don’t know if my tolerance levels are lower than they once were but at the moment, every time I read a story about the number of SIPP complaints being received by The Financial Services Compensation Scheme and Pensions Ombudsman it makes my blood boil.
The Serious Fraud Office has today charged David Ames, chairman of the Harlequin Group of companies, a property company used by Sipp investors, with three counts of Fraud by Abuse of Position, contrary to section 1 of the Fraud Act 2006.
An executive director at The Pensions Regulator has called for pension transfers to SSAS to be banned.
The proportion of Sipp complaints upheld during this financial year is higher than the last, with one quarter still to go.
I have just been reading the appeal of an unauthorised payment charge on a Sipp member where an investment was made into a company and from this investment a loan was made to the member.
The FCA has warned pension scheme operators over failing to identify non-standard assets.
A Sipp provider has re-affirmed its commitment to offering non-standard investments despite James Hay banning NSIs for new customers.
An extra £36m Sipp-related bill for advisers has sparked calls to bring back a permitted investments list.
Advisers categorised as pensions and life intermediaries face paying an extra £36m to the FSCS next year due to rising cost of Sipps.
Sipp providers that still accept non-standard investments will exit the market or will have to raise fees in future, a Sipp firm director has suggested.