3 thoughts on “Mis-sold Sipp complaint upheld in rare move”

  • Kevin Soutar says:

    Excellent work by APJ in sorting out these criminal activities. These Sipp Providers have been turning a blind eye to the thousands of investors that have lost their entire retirement pot and come away with the classic comments ” Nothing to do with us, as we are not regulated to give advice “. Well you now wont be regulated at all,

  • adkinson@private-capital.com.hk says:

    Tip of the Iceberg, many ”Trustees” working with dodgy advisory firms unregulated pushing their crappy products.

  • John Stirling says:

    I’m really split on this.

    SIPP paperwork is pretty strong. Heck, the clue is in the name. Providers are not ‘turning a blind eye’ – they have always been utterly unambiguous – you are SELF INVESTING. Those who self invest without advice or an adviser have made that choice, often very deliberately, sometimes for valid reasons. However, a number of SIPP providers could have been quicker to spot really obvious frauds – and should have acted to block investment as soon as they had reasonable suspicion. So I’m not quite sure where the line should be drawn between protecting vulnerable clients, and caveat emptor. But I do know that if caveat emptor is completely removed trouble will follow as the consequences for foolish actions disappear, and the vast sensible majority will lose out.

    We have rules that protect others from our actions (a law against drink driving for example), and we have rules to protect us from ourselves (we must all wear a seat belt) – but in general UK law is focussed on protecting the victim from a perpetrator. Laws regarding fraud and misrepresentation are there for that purpose.

    However I’m not sure the Financial Ombudsman should be there to protect people from their own decisions in this way – as the FOS appears from my perspective to have a habit of not fully understanding the specific details of a case and subsequently applying the outcome rather more widely than is prudent.

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