UCIS

DAC Pensions declared in default as claims mount

SIPP provider DAC Pensions - which had more than 600 clients and nearly £27m in assets under administration - has been declared in default by the FSCS, opening the door to compensation claims.

FOS says half of UCIS complaints relate to SIPPs

In its latest complaints data the Financial Ombudsman Service says that nearly half of the complaints it received about unregulated collective investment schemes (UCIS) were related to SIPPs.

FCA wins £25m back for SIPP victims

The Financial Conduct Authority has secured £25m more compensation for 4,500 investors in the failed Park First scheme which saw investments sold to a number of SIPP investors.

Adviser to pay out for second time over UCIS investments

Financial advice firm Professional Financial Services (PFS) has been ordered by the Financial Ombudsman (FOS) to pay out after advising a client to invest in an unregulated collective investment scheme.

Investors lose £30m in care homes UCIS

The FCA has launched High Court proceedings against a company and two individuals over alleged links to care home investments which saw investors lose more than £30m in a UCIS.

Ombudsman: UCIS complaint increase driven by Sipp related cases

An increase in ombudsman complaints about UCIS has been predominantly driven by the rise in complaints from consumers who had taken out Sipps.

Trade body questions regulators’ approach to tackling Sipp fraud

The Association of Member-Directed Pension Schemes is demanding more effort to halt the promotion of UCIS (unregulated collective investments schemes) to the public.

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