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Advisers categorised as pensions and life intermediaries face paying an extra £36m to the FSCS next year due to rising cost of Sipps.

Sipp providers that still accept non-standard investments will exit the market or will have to raise fees in future, a Sipp firm director has suggested.

The income for retired households has grown by 13% since the financial crash of 2008.

Sipp specialists say there is still an appetite and a place for non-standard investments, after James Hay banned them for new customers.

James Hay has revealed it is banning a long list of Non-Standard Investments for new customers.

The Pensions Ombudsman has told a firm it must pay out after a client complained about the “incorrect and inconsistent valuation of his pension fund”.

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