Nine in ten SIPP millionaires are men, as the gender pension gap continues to bite, according to new research.
The Financial Services Compensation Scheme (FSCS) has opened the doors to compensation on two Financial Planning firms it has declared in default.
The compensation body declared Juno Moneta Capital Management Ltd and Westbury Private Clients LLP in default yesterday.
The FSCS will now step in to assess and pay accepted claims for compensation and try to recover losses if possible.
Westbury Private Clients was authorised by the FCA as a wealth management firm. It operated as a discretionary fund manager for the Westbury SIPP.
The firm went into liquidation in March 2018.
The FSCS said it has received claims from customers highlighting concerns that Westbury Private Clients did not carry out enough due diligence in relation to transfers/investments into the Westbury SIPP. The claims questioned the suitability of Westbury SIPP as an investment vehicle, due to the high-risk nature of the investments which led to investors losing money.
The FSCS said it has received 16 claims against the firm so far, 10 of which are in relation to SIPPs.
The compensation body added that it is currently investigating whether the firm has breached FCA rules, and whether it can pay compensation to customers.
The body has received two pension transfer claims so far for Cheltenham-based Juno Moneta Capital Management Limited. It was formerly known as Corcillum Limited and traded as Morgan Peterson and BL Financial.
The Financial Conduct Authority has banned five directors of financial advice firms from working in financial services and fined them over £1m.
The Investment Association (IA) has launched a new technology tool to help investors find lost assets.
FCA CEO Nikhil Rathi has defended the pay packages of staff - some of whom went on strike this week - as “possibly the best package” among UK regulators.
A fifth (19%) of financial advisers admit they have not heard of the FCA’s new Consumer Duty and have not considered changes they may need to make.