UK not banning unregulated Sipp investments
Despite admitting concerns about scams, the Financial Conduct Authority has confirmed that it is not currently considering barring unregulated or non-standard investments from inclusion in self-invested personal pensions (Sipp). The statement was made in a letter to the Work and Pensions Select Committee from Megan Butler, the FCA's executive director of supervision – investments, wholesale and specialists divisions. Butler was responding to a series of questions from committee chair Frank Field about the scale of non-standard investments (NSIs) in the pension product."Since 2009, we have been particularly concerned with the quality of some of the NSIs being held in Sipps and the due diligence before accepting them," she wrote. While stating that not all NSIs are "problematic", she added that "our concerns with some NSIs are exacerbated by the potential for scams". Please link to International Adviser to read the full article by Kirsten Hastings.