SIPP operator Intelligent Money Ltd (FRN: 219473) has entered administration following an upheld complaint regarding some of the investments it allowed within its SIPPs.
Almost £2bn has been lost from UK pension pots and SIPPs since 2019 because of financial advisers and providers going out of business, according to new data from the Financial Services Compensation Scheme.
There was a last-minute surge of activity from SIPP investors at the end of the tax year as they used the week after the Easter bank holiday to max their annual allowances.
More than four in ten retirees (42%) surveyed by Standard Life said they regretted failing to seek financial advice.
The Financial Services Compensation scheme has today declared three financial advice firms as failed, including two SIPP-related and one linked to BSPS.