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Sipps: Regulation - Tackling the threat of fraud
Unfortunately, in recent months the self-invested pension scheme market (both Sipp and Ssas - small self-administered scheme) has been tainted by fraud. Here we aim to examine recent events to establish what has happened and whether there is cause for genuine concern.
Of course, not even the most thorough due diligence can stop a committed fraudster, who falsifies records and documentation to make fraudulent investments. HMRC, expressing deep concern over this, has set up a tax evasion hotline so possible fraudulent or criminal activity can be reported.
Bearing in mind the popularity of self-invested pensions in the UK, it is important for everyone concerned – providers, advisers, clients and regulators – to work together to stamp out wrongdoing, so that the huge majority of enthusiastic investors can continue to benefit from the flexibility on offer. It will be a great shame if the allowable investment range is trimmed because of the actions of a tiny and unscrupulous minority.
Richard Mattison is business developement director at the IPS Partnership