The Pensions Ombudsman (PO) has found that the statutory duty of care as a trustee and the requirements of the Financial Conduct Authority relating to a scheme’s investments did not apply in respect of investment through a self-invested personal pension (SIPP).

The PO determined that the SIPP provider was not under an obligation to examine the suitability of investments where the investment, in an unregulated collective investment scheme which failed, was permitted by the rules of the SIPP and accompanying contractual documents.