Two people working at Sipp firms could be facing enforcement action from the Financial Conduct Authority.
The regulator confirmed to Sipps Professional this afternoon that two individuals are going to be referred to its enforcement division.
If a member of staff is referred it does not automatically follow that the firm they work for will be as well, the FCA said, although it would not be drawn further on the circumstances of the ongoing cases.
The regulator has highlighted concerns about practice in the sector and last Autumn threatened action against Sipp operators ahead of its thematic review.
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FCA chief executive Martin Wheatley addressed the matter at the FCA's annual public meeting today in London.
He told those assembled: "We have had a continual issue over a number of years with Sipps being used as vehicles to pull people into inappropriate products.
"Two firms that have run those operations need to look very carefully at the products that are being invested in Sipps.
"Investigations are underway and this is something we will come back to."
The FCA said there was no deadline for the investigations to be completed by and it was unable to provide any more details at this time.