29 October 2009
The Financial Services Authority (FSA) has been criticised for
its involvement in the winding-up of Freedom SIPP. Barnett
Waddingham Partner Andrew Roberts commenting on the wind-up of
Freedom Sipp by the High Court said: "When the FSA stopped the
Freedom Sipp business, even if there were valid reasons, it left
the provider unable to settle their debts, with the ultimate result
that the policyholders will suffer tremendously."
Mr Roberts went on to say: "This would not have happened
pre-regulation and there should have been a plan in place to help
existing policyholders before action was taken against Freedom
Sipp."
