“As you can see from the FSCS figures a large number of the complaints relate to a very small number of advisers, but the Financial Conduct Authority (FCA) and the Pensions Regulator are taking this sort of thing very seriously.
“In addition to the action being taken against poor advice have made the Sipp trustees more accountable for the investments which their members are placed into with increased due diligence and capital adequacy requirements being imposed,” he said.
Last week, the UK government announced that it plans to crack down on pension cold calling and give firms the ability to block suspicious transfers.
On Wednesday, the Association of Professional Financial Advisers (APFA) called on the FCA to tighten the rules on unregulated pension investments, to prevent consumers from being targeted by fraudsters.
