A portfolio of 140 Sipp and SSAS schemes with total funds under trusteeship of £83m has been sold for just £1.
A former international cricket captain will manage Sipp investment portfolios as part of his new role at a Financial Planning firm.
Complaints and compensation claims about advice relating to Sipps will continue to rise, with an extra 500 cases predicted for the next financial year, the FSCS warned today.
Growing numbers of complaints about Sipps have been blamed for a jump in the levy advisers will have to pay next year.
A ruling from the Pensions Ombudsman regarding a Sipp could make it harder for providers to stop customers from transferring to possible scam schemes, an expert believes.