Interesting quote from the FCA Chief Executive Andrew Bailey who admitted to the Work and Pensions Select Committee today that the evolution of the SIPP industry caught the FCA on the hop and they are playing catch up in terms of the impact on consumers.
Many advisers who gave early warnings of some of the more questionable practices will find it frustrating that the FCA were unable to act more quickly.
FCA chief executive Andrew Bailey ... “The Sipp industry has evolved in the last six, seven to eight years with one part being for high net worth individuals and the other for people with much less income who are solely relying on the Sipp. “I think we [the FCA] have had to catch up with that evolution because it has caused practices to happen which have been of definite detriment to people. We have had to clamp down very hard on the practice of putting risky investments into Sipps.”