The Financial Ombudsman Service (FOS) has upheld two complaints about Integrity IFA’s advice involving unregulated investments in SIPPs and scolded the advice firm for ignoring both clients and the ombudsman.
Revenue increased 29.4% to £31.7m at SIPP provider Curtis Banks for the first half of 2021, but adjusted profit before tax remained steady at £6.3m.
The Financial Conduct Authority (FCA) has ordered that Cambridgeshire SIPP provider DAC Pensions Limited be placed into insolvency after the firm accepted business from unauthorised introducers without the proper vetting required by the FCA.
The FSCS has cut its latest levy forecast by £206m from £1.04bn to £833m but the body has warned that SIPP claims are rising.
The number of providers in the SIPP sector has fallen to its lowest level in nearly a decade due to a wave of mergers and takeovers, according to new data.
Both provider and product numbers are at their lowest levels since 2012, data produced for the latest issue of Financial Planning Today magazine, out later this week, reveals.
Since the start of 2020 there has been a fall in the number of SIPP products and providers, despite there being a steady growth in numbers prior to 2020.