Gov't Urged To Ban Unregulated Pension Investments

Law360, London (November 12, 2020, 3:28 PM GMT) -- The government should ban unregulated investments within "wrappers" of legitimate saving plans, a retirement savings executive said on Thursday, as the industry looks at ways to stop the growing problem of pensions fraud.

Phil Brown, director of policy at retirement savings company The People's Pension, said safeguards should be created to protect savers from the possibility that they will put their money into risky assets. Self-invested personal pensions, or SIPPs, have come under the regulatory spotlight after several scandals in which thousands of people lost their life savings through investment schemes.

"If we close that unregulated investment loophole we would get rid...

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