According to a recent survey od adviser opinions by Coredata, which was undertaken in September 21, the answer seems to be – yes.
Or at least the view is hardening that Self Invested Personal Pensions should be more tightly regulated by the FCA. The adviser survey asked a number of questions about the control of SIPP’s. The results were revealing:
- 71% of advisers said that unregulated assets should be banned from being invested into SIPP’s – for example cryptocurrencies, or more obscure investments like rain forests, or car parking spaces, hotel rooms etc
- 83% of advisers think that the FCA should go further and publish a list of unacceptable or banned assets which can’t be invested, to clear things up.
- 86% said that the FCA should ban introducers from acting in the SIPP market. This would the link between unregulated assets and consumers and would naturally reduce the number of “schemes” being sold and promoted to customers.
- Over half of advisers now think that consumers shouldn’t be able to invest into a SIPP without having taken professional advice first. This would bring SIPPs in line with Final Salary Pension Transfers for example which require adviser signoff before they can be transferred.
Given the increasing burden of the FSCS and FOS levies on advice firms these results are not surprising. Advisers are increasingly keen for the FCA to regulate more closely to help them to avoid compensation claims down the line as we’ve seen with many SIPP schemes recently.
So, whilst SIPP’s still; have a place, the old unregulated investments of the past should become exactly that- a thing of the past.
If you need Pension Advice do not hesitate to give Christina a call.