Sipp firms call for FCA to toughen property stance

Claire Trott, head of technical support at Talbot and Muir, which administers 536 properties in Sipps and 750 in Ssas, said that, provided a pension scheme has the appropriate due diligence on a property in the first place, moving it to another provider within 30 days should not be an issue.

“The reason due diligence is essential is so the title is clear and the receiving scheme can see all the documentation needed. In most cases as the property will be held by a trustee company, if the administrator were to fail, the trustee company could be taken over without the need to actually re-register the assets.

“There will be cases where properties are held differently and this by some provider which could mean that the 30 day rules would be harder to satisfy.”

Additional reporting by Ashley Wassall.