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FCA warns on Sipp finances

"For these reasons, the claim for judicial review is dismissed."

Martin Tilley, director of pensions technical services at Dentons, said the ruling could have greater ramifications for the rest of the Sipp industry if it appears it "imposes a requirement greater than assumed by many Sipp providers to conduct due diligence on investments and to have rejected those not considered suitable for pension cases".

Mark Smith, chief operating officer at Mattioli Woods, said the fact the FCA sent out its letter showed it expects the ruling will "put Sipp operators at risk".