The FCA is cracking down on the practice of so-called ‘double-dipping’ by investment platforms and SIPP operators whereby they keep interest on customers’ cash balances and charge them a fee for doing so.

The FCA has written to investment platforms and selected SIPP providers to ask them to disclose how much of the interest they receive from cash and bank deposits they pass on to their customers.

SIPP provider Curtis Banks is to raise SIPP fees substantially in a major overhaul of its charges and the interest it pays on SIPP cash accounts.