Dear CEO: What the latest SIPP reforms mean

clock •

Fiona Murphy takes a closer look at the Financial Conduct Authority's (FCA) capital adequacy reforms, thematic review and ‘Dear CEO' letter for SIPP operators.

The SIPP industry has finally been given clarity over reforms as the Financial Conduct Authority (FCA) published its long-awaited thematic review, and weeks later, its final policy statement on capital adequacy requirements. The new capital adequacy rules state: • The fixed minimum capital requirement for SIPP operators is to be set at £20,000 • Calculation of assets under administration (AUA) as the average of the value of the personal pension schemes administered by the firm at the most recent four quarter end dates • A capital surcharge is to be applied for firms holding non-sta...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

The importance of defining the roles within a SSAS

The importance of defining the roles within a SSAS

'Poor role discipline can create compliance, tax and fiduciary risk'

Caitlin Southall
clock 08 October 2026 • 4 min read
AJ Bell warns Budget could 'exacerbate' 76% pension lump sum withdrawal rate

AJ Bell warns Budget could 'exacerbate' 76% pension lump sum withdrawal rate

AJ Bell has called on chancellor John Healey to commit to a pension tax lock

clock 06 October 2026 • 2 min read
Rachel Vahey: Pension savers need stability, not another panic-fuelled tax raid

Rachel Vahey: Pension savers need stability, not another panic-fuelled tax raid

'Real-world consequences of allowing pension tax speculation to run unchecked'

Rachel Vahey
clock 05 October 2026 • 3 min read