nick
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Post by nick on Feb 12, 2017 0:43:50 GMT
As P2P is currently classed as unclassified for lending via a SIPP I'd assume that P2P becoming part of the compensation scheme would open investments from SIPP's. There is no particular restriction on SIPP's investing in P2P debt. I have a SIPP through which I have invested on SS, RebS & ABL platforms for several years. However, the FCA has recently announced that it is of the view that SIPP clients should be advised and not just allowed to make P2P investments via a SIPP on an execution only basis which has put off SIPP administrators from taking on any new business (unless advised by an IFA).
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james
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Post by james on Feb 12, 2017 4:03:16 GMT
However, the FCA has recently announced that it is of the view that SIPP clients should be advised and not just allowed to make P2P investments via a SIPP on an execution only basis which has put off SIPP administrators from taking on any new business (unless advised by an IFA). Please provide more information about that, preferably with links. It's an interesting thing given that risk reduction is why I want to use P2P in a SIPP.
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nick
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Post by nick on Feb 12, 2017 11:05:30 GMT
However, the FCA has recently announced that it is of the view that SIPP clients should be advised and not just allowed to make P2P investments via a SIPP on an execution only basis which has put off SIPP administrators from taking on any new business (unless advised by an IFA). Please provide more information about that, preferably with links. It's an interesting thing given that risk reduction is why I want to use P2P in a SIPP. I currently invest in an EvolutionSIPP which was promoted by SIPPclub and administered by Greyfrairs Asset Management. Greyfrairs has since stopped accepting new money and I'm not aware of any SIPP operator accepting non-advised clients. More relevant discussion here: p2pindependentforum.com/thread/6404/sipps.
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Balder
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Post by Balder on Feb 12, 2017 12:25:32 GMT
Please provide more information about that, preferably with links. It's an interesting thing given that risk reduction is why I want to use P2P in a SIPP. I currently invest in an EvolutionSIPP which was promoted by SIPPclub and administered by Greyfrairs Asset Management. Greyfrairs has since stopped accepting new money and I'm not aware of any SIPP operator accepting non-advised clients. More relevant discussion here: p2pindependentforum.com/thread/6404/sipps. I also have an Evolution SIPP. The point I was trying to make is that if P2P is covered by the compensation scheme that this may then allow SIPP Companies to take P2P out of unclassified investments and lift the restrictions.
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Balder
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Post by Balder on Feb 12, 2017 12:30:59 GMT
However, the FCA has recently announced that it is of the view that SIPP clients should be advised and not just allowed to make P2P investments via a SIPP on an execution only basis which has put off SIPP administrators from taking on any new business (unless advised by an IFA). Please provide more information about that, preferably with links. It's an interesting thing given that risk reduction is why I want to use P2P in a SIPP.
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james
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Post by james on Feb 12, 2017 12:32:36 GMT
Please provide more information about that, preferably with links. It's an interesting thing given that risk reduction is why I want to use P2P in a SIPP. I currently invest in an EvolutionSIPP which was promoted by SIPPclub and administered by Greyfrairs Asset Management. Greyfrairs has since stopped accepting new money and I'm not aware of any SIPP operator accepting non-advised clients. More relevant discussion here: p2pindependentforum.com/thread/6404/sipps. Thanks. I'm familiar with that but nothing there or linked from there or provided by SIPP Club or Greyfriars directly to me says that "the FCA has recently announced that it is of the view that SIPP clients should be advised and not just allowed to make P2P investments via a SIPP on an execution only basis". What the FCA has said is that if an introducer who isn't regulated introduces business to an adviser, the adviser has to give their usual truly independent advice and must not let the introducer channel business to only specific investments or give regulated advice on behalf of the firm.
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james
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Post by james on Feb 12, 2017 12:42:26 GMT
Thanks, that's interesting but it does not say that "the FCA has recently announced that it is of the view that SIPP clients should be advised and not just allowed to make P2P investments via a SIPP on an execution only basis". It did say indirectly that one SIPP provider seems not to know much about how radioactivity levels are critically affected by wind direction and rejected a proposed investment on the basis of that lack of knowledge, with the reporter seemingly being as ignorant.
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Balder
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Post by Balder on Feb 12, 2017 12:53:49 GMT
Thanks, that's interesting but it does not say that "the FCA has recently announced that it is of the view that SIPP clients should be advised and not just allowed to make P2P investments via a SIPP on an execution only basis". It did say indirectly that one SIPP provider seems not to know much about how radioactivity levels are critically affected by wind direction and rejected a proposed investment on the basis of that lack of knowledge, with the reporter seemingly being as ignorant. From September 2016:- Over the last few weeks, SIPP operators have been responding to the FCAs alerts on a variety of subjects. These include accepting business on a direct basis where people aren’t being advised by a regulated independent financial adviser and concerns over the way that peer-to-peer lending is being marketed, as you’ll see highlighted in some of the articles half way down this page - www.sippclub.com/sipp/crowdfunding-peer-to-peer/
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james
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Post by james on Feb 12, 2017 14:04:08 GMT
September 16 where? Nothing on the page linked to or the pages it links to says that.
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