Its is nearly a year since my last SIPP update, so what has happened?
Well overall the situation has not changed much, but the news is not good. The IFA that advised me to move all my 'little' pensions into one SIPP and then on the subsequent investments has been barred by the FSA (Financial Services Authority) / FCA (Financial Conduct Authority) from operating as an IFA so at least he won't be bankrupting any more in my situation.
So, I have had to engage another IFA who is trying to help me out but it is a complicated situation and is going to take a long time to unravel. In the meantime more of my investments has gone bust, ceased trading or have had to undertake considerable restructuring, which means that my original 'investment pot' of £176,000 is now worth in the region of £55,000. My question therefore to the FSA / FCA is this... "Who the hell are you protecting?" Certainly not the small investor like me. From where I sit it looks like the organisation is protecting those that run off with and/or misappropriate funds to line their own pockets at the expense of the small investor.
I'll stop there for now, I'm too angry to finish this post for now....
1 comment:
Hi
Who was the FCA that has been banned. My £50,000 is worth £15,560. I asked Liberty Sipp for a current value last week and they basically sent me the same one from July 2016.
FCA doesnt seem to be interested and the only winners are the scammers that have run off with our cash
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