Rogue financial advisors in SIPPs under investigation

Rogue financial advisors in SIPPs under investigation

Rogue financial advisors caught up in mis-selling SIPPs are being investigated for setting up their business and then joining new advice companies or running companies that manage mis-selling claims. An investigation by the Sunday Times has found that more than 100 advisors have been referred to the Financial Conduct Authority (FCA) for what is known …

£53 million already paid on Berkeley Burke claims – FSCS

£53 million already paid on Berkeley Burke claims – FSCS

It has emerged that the Financial Services Compensation Scheme (FSCS) has already paid out £53.2 million against independent financial advisors (IFAs) involved with Berkeley Burke Sipps (self-invested personal pensions). The IFAs had advised their clients to transfer their pension funds to Berkeley Burke, but the savings ended up being invested in high risk, non-standard investments …

FSCS takes on Berkeley Burke Sipp claims

FSCS takes on Berkeley Burke Sipp claims

The Financial Services Compensation Scheme (FSCS) is to take on claims against Berkeley Burke after the firm’s administrator sold the Sipp arm of the business to another pension provider. The Financial Conduct Authority (FCA) has made it clear that the sell-off does not affect any other company in the Berkeley Burke Group. Under pressure The …

Financial services could be hit by Scottish independence

Prime Minister David Cameron is claiming a Yes vote in the Scottish independence referendum could hit financial service firms north of the border. He says 90% of Scottish financial services customers live in the rest of the UK.  Currently they are allowed to operate tax free products like SIPPs (self invested personal pensions) and ISAs …