The FCA has today sent a damning letter to all Sipp operators telling them there are still widespread failings which put consumers' pension savings at "considerable risk".

Clive Adamson, the FCA's director of supervision, has written to chief executives of Sipp firms following an investigation into the sector.
It followed a previous probe and guidance delivered to firms in October.
The regulator said a significant number of Sipp operators were still failing to manage risks previously identified and have failed to ensure consumers are protected appropriately, despite its recent guidance.
Many firms were found not to have the necessary expertise to assess high risk and non-standard investments and often failed to understand and identify the correct prudential rules, which apply to their business.
{desktop}{/desktop}{mobile}{/mobile}
Mr Adamson wrote in his letter: "In our view, the failings we identified put UK consumers' pension savings at considerable risk, particularly from scams and pension fraud.
"We have already discussed this with the firms concerned, explaining that these failings are unacceptable and need to be addressed.
"I am now writing to you, and to the CEOs of all Sipp operators, because our thematic review indicates that these failings continue and are widespread, despite previous communications.
"We are concerned that many firms in this sector continue to demonstrate a lack of engagement with some areas of their regulatory obligations, and hence pose a threat to the quality of outcomes experienced by consumers."
He warned the FCA would take further action where firms fail to meet expectations and continue to put "consumer outcomes at risk".
He said: "We have already required several firms to limit their business as part of our thematic review and in some cases have initiated enforcement investigations.
"Over the coming months we intend to visit more firms, and expect to see significant improvements.
"We will also build these areas of focus into our regular supervisory work for smaller (C4) SIPP operators, so we have an opportunity to engage with every firm, and we will use this work to review firms' actions."
He encouraged firms to review the key findings from its thematic review and to take action to ensure they can demonstrate an appropriate degree of protection for consumers' pension savings.