Advisers believe they are responsible for SIPP investments

Advisers believe they are responsible for SIPP investments

Financial advisers believe they are responsible for SIPP investments, research shows

A new study has revealed interesting statistics in relation to advisers and their responsibilities.

A study conducted by CoreData research has shown that seven in ten financial advisers believe the responsibility for ensuring self-invested personal pension investments are suitable lies with them, rather than the SIPP provider or the client.

The study, published September 26th 2019, surveyed 1,000 advisers and asked questions in relation to SIPPs and where accountability lies.

The research has emerged after a record year for SIPP-related claims, continuing its upward trajectory after the FSCS paid £123m in compensation in the last financial year - £11m higher than 2017-18.

The study uncovered some harsh truths for financial advisers within the SIPP market, with the many foreseeing no immediate end to the mis-selling scandal.

 The key figures from the report are:

  • 70% said financial advisers should be the ones responsible for ensuring SIPP investments are suitable;
  • 59% said SIPP complaints will increase over the next year;
  • 59% have said recent SIPP court cases have made them more cautious about unregulated investments in SIPPs;
  • 47% said SIPPs are only suitable for experienced investors

The data reveals that financial advisers are understandably concerned about the growing mis-selling scandal surrounding unsuitable SIPP investments, and they do not believe it will go away any time soon.

 

How can Smooth Commercial Law help?

Have you been affected by the mis-selling of a SIPP? We may be able to help you claim compensation.

At Smooth Commercial Law, our team of experts have extensive experience in dealing with a whole manner of claims that arise from negligent and/or unsuitable financial advice. We are seeing more and more mis-sold SIPP claims, and have managed to secure compensation for many of our clients.

Should you have a claim, we can deal with your case and look to recover compensation for not just your loss of investment but also any adverse tax liabilities that you may now be facing as well.

You can contact our experienced team by calling 0800 046 9976 or by emailing sb@smooth-commercial-law.co.uk.

The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.