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TheCountOfNowhere

Harlequin Set To Topple Sipp Providers

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SIPPS were a good idea, overun by crooks.

Its not just these scmater property things - see my post about Skelwith on the Yorkshire page.

SIPP providors have been an easy market for the crooked end of investment scams.

The level of frauds beign sold to SIPP holders is huge - all in the hnt for yield or magic returns.

The SIPP providers are playing dumb. This cannot continue.

EIther SIPPs will be shutdown, or SIPP providers are sued to bankruptcy.

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By "SIPP Provider", does it mean the usual wrapper providers who offer equity dealing platforms?

If so, it's worrying even for those of us not involved in lunatic investment schemes.

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I'm not sure what is wrong with my HL SIPP....yes the fees can be high as a percentage if you don't have enough in there, and the trading cost is fairly pricey, but it's just a Tax wrapper that I can stick my choice of the majority any financial instruments in. I fail to see how that's a scam...?

I presume this is the more exotic investment schemes, where a spiv tells you they've cornered the market in Iridium/blue diamonds.

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I think the point of the article is that if the SIPP providers are found to be liable for insane hare brained schemes within those wrappers then it could threaten the survival of some SIPP providers. Which is worrying even if all you have is FTSE100 blue chip boring stuff.

I know client assets are supposed to be ring fenced - but I can imagine the book keeping mess that might arise after a collapse. How do you prove ownership of shares held on an online platform with no paper statements?

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I think theres been some degree of cooperation between the SIPP providor and some of the dodgier end of investment.

Even if there's not, SIPP providors should not be letting SIPPers invest in a lot of the crap they have.

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