Sipp provider Suffolk Life has reported a significant increase in the number of capped drawdown applications in the lead up to 6 April when the opportunity to set up new plans disappears.
The Sipp as originally envisaged by former Chancellor Nigel Lawson is "now an endangered species", a leading expert says, as the 25th anniversary of its creation was marked.
Two former directors have been banned by the FCA for failing to assess the suitability of investments made through Sipps for their customers.
Sipps related claims are behind a £20m interim levy on life and pensions intermediaries announced by the FSCS today.
Dangers lie ahead for consumers under plans for the re-selling of existing annuity contracts, a Sipps firm has warned.