Please find below details of recent regulatory activity.
FSCS calls for Sipp provider responsibility challenged by trade body
Sipp operators have no proven responsibility to conduct due diligence on investments, a trade body has said, as it warns the Financial Services Compensation Scheme is taking the wrong approach by making them foot the bill for redress claims.
The Association of Member-Directed Pension Schemes has written to the lifeboat fund on the back of its annual plan and budget last week in the which the FSCS says it will begin accepting claims against a number of Sipp operators for failing to look closely enough at the underlying investments held by them.
AMPS says it is aware of a Sipp operator launching a judicial review against a Financial Ombudsman Service decision that claimed it bore due diligence responsibility, the outcome of which could hit other Sipp operators and be influenced by the FSCS’ statements on the market.