Freedom Sipp closes to new members after FSA visit

The Sipp is the second to be close in as many weeks, following Alliance Trust's decision to suspend new business on its full Sipp from 12 December, while it also strengthens its administration.

In a statement on its website, Feedom Sipp said: "During the recent visit by the FSA it was agreed that certain additional administrative procedures needed to be implemented.

"We have volunteered to accept no new members until the changes required have been implemented.

"We will keep you informed and, in the meantime, we can assure you that your funds continue to be held as before."