| | | Which Sipps Pension
There has been a huge amount of talk about the up coming changes to the pension industry and the introduction of Sipps Pensions. Just recently a lot of concerns have been raised about the problems of mis-selling and what the implications and ramifications could be. People are likely to tread more cautiously than ever when considering whether to buy a property with their Sipp Pension. However the consumer watchdog, Which? Says that more work and regulation is needed from the Government to make sure that people do not get taken advantage of. On Thursday the group is quoted as saying "It's like watching a car crash happen in slow motion and being unable to do anything to stop it. Mick McAteer, a pensions specialist at Which? believes that all the ingredients are there for mis-selling. "There is a need for a bit of a public awareness campaign on this." The FSA (Financial Services Authority) has said that it will begin to regulate Sipps Pensions from April 2007 but this means that a whole year will go by before any rules or regulations are firmly in place. Britain's largest SIPP provider, James Hay says that 50 - 70 companies have contacted them over the past 12 months all wanting them to sell their products. Most of these we haven't even heard of" says David Baker of James Hay. In a separate statement, Des Browne who is the Chief Secretary to the Treasury said that the Government would be keeping a close eye on events. |
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