Savers who have been told by an adviser to move retirement savings into a self-invested personal pension (Sipp) may have been mis-sold to, City watchdog the Financial Conduct Authority (FCA) has warned.
The FCA said it had found ‘serious and ongoing failings’ by advisers to assess properly not only how suitable a Sipp product might be, but also how safe the underlying investments would be for investors.
Sipps offer more freedom of investing than typical pensions, but some are also able to hold riskier investments such as overseas property developments, store pods, wine, forestry or other unregulated investment schemes.
The FCA warned that advisers failings have ‘placed a substantial number of customers’ retirement savings at risk’. ‘Investors should ask what investments are held in their Sipp and what their risk exposure is, as well as what the impact will be on their portfolio and overall investment objective.’
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