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Pension Mis-selling: Advisers put pressure on SIPP providers to take more responsibility

SIPP Providers

While the pension mis-selling crisis lumbers one, it is financial advisers that have taken the brunt of the responsibility for the lost pensions caused by bad transfers, often into SIPPs.

But a survey by Dentons of 55 advisers showed that many in the industry expect big changes in 2018, with a case against Carey Pensions having the potential to spark that change.

High-risk investments in SIPPs

Much of the current pension mis-selling crisis involved transferring pensions into SIPPs in order to invest in HIGH-RISK investments (although the clients are often not aware that the investments are high-risk).

But while many SIPP providers profit from this in the form of management fees, and accept the business, there have been few cases of them truly being held responsible.

But that may be about to change.

Claims against SIPP providers

It is believed by many that if Carey Pensions loses its appeal in the courts, it may be that the door will be opened more readily to claims against SIPP providers in the future.

Alex Waters
14 May 2018
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