As the Financial Services Authority (FSA) prepares to take on the regulation of personal pensions, including self-invested personal pensions, the lack of applications from providers is causing concerns for some parts of the industry.
The FSA issued its regulations on 29 September 2006, and started accepting applications for part four permission to operate and run Sipps from 2 October 2006 ahead of the introduction of the new regime on 6 April this year. However, with less than two months to go until the deadline, while the FSA says the application process is “coming along”, with most applications mainly for a change or an addition to existing permission, industry sources suggest less than half of the expected applications have been made to the FSA. And although the FSA says it is not its place to set a target for appl...
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