The Financial Services Compensation Scheme (FSCS) wants to increase protection limits for self-invested personal pension (SIPP) investors following the freedom and choice reforms.
Investors, including SIPP savers, are currently covered to a maximum of £50,000 while annuities and other savings held within long-term insurance contracts enjoy 100% protection. The FSCS' annual report for 2014-15 said the body was keen to discuss increasing the current £50,000 protection limit placed on SIPP investors with both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). The FCA and PRA are due to jointly review FSCS protection and funding, it added. Chairman Lawrence Churchill (pictured) said: "Following the liberalisation of retirement savin...
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