FSA uncovers PP and Sipp transfer failings

Financials Services Authority's investigation into 500 cases reveals inconsistent advice and "significant failings"

The FSA has uncovered inconsistent levels of advice given to members switching into personal pensions or Sipps from existing arrangements. The regulator says it is planning to take action to improve the quality of advice following the review which discovered variable standards across a sample of 30 firms. And it said several firms will be subject to enforcement investigation as a result of "significant failings" identified. Some 500 cases where a member moved into a personal pension or a Sipp since the A-Day pension tax regime changes in April 2006 were investigated. Unsuitable advi...