Revealed: Collapsed overseas IFAs used UK Sipp provider for DB transfers
By Michael Klimes 14
th April 2021 11:21 am
Now-collapsed advisers based in the Czech Republic and Cyprus used an Edinburgh-based Sipp provider for pension transfers, documents seen by
Money Marketing show
.
The documents reveal that transfers took place between 2015 and 2018 with clients ending up in funds with high charges.
Some of these funds were later suspended with clients losing thousands of pounds from what they originally invested.
The funds were based in Luxemborg and had an annual administration fee of 0.5 per cent in addition to the underlying costs of the fund.