Three years ago Mr Moret estimated that there were over 10,000 potential claims as a result of “toxic” investments with an aggregate value in excess of £1bn. Many of those investments were introduced by unregulated entities. That estimate was made before the Berkeley Burke and Carey court cases - and before several providers went into administration with claims falling on the FSCS.

In the light of the most recent FSCS report, with a forecast of £336m of SIPP-related claims in 2021/22, Mr Moret told Financial Planning Today that his £1bn estimate may well be too low.

He said: “The implications for FSCS levies – unless there is a change in the funding methodology – is obvious and may be exacerbated if, as seems likely, there are further SIPP provider casualties.    

“While this judgment may well largely eliminate the role of unregulated introducers in establishing SIPPs in the future I feel the collateral damage caused in the past by their activities and by a minority of unscrupulous financial advisers and a few, mainly naïve, providers could and should have been avoided with greater and more prescient and expeditious regulatory oversight and action.”  

Mr Moret has written an exclusive column examining the Court of Appeal’s shock decision to overturn the Carey Pensions case in which he shares concerns that post-Carey claims could rock the SIPPs sector.