The FCA has warned that some firms offering consumers 'free pension reviews' are using Sipps and SSAS to transfer people into high risk unregulated investments.
The FCA has banned two partners at a Welsh firm of financial advisers for their role in a £112m Sipp-based investment strategy that saw nearly 2,000 of their customers advised to invest in high risk investments such as diamonds and overseas property via a Sipp.
Three men have been banned from working in the financial services industry for "disgraceful failings" after £4m in commission was generated from moving investments unnecessarily.
The Financial Conduct Authority has confirmed how it will use its new power to publicise warning notices by publishing information about proposed enforcement action.
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