Almost 60% of advisers believe regulation of Self Invested Personal Pensions will result in increased complexity and compliance.
An IFAonline pensions strawpoll of 148 readers reveals 59%, or 88 respondents, believe the changes on the 6 April, which saw the Financial Services Authority (FSA) take over regulation of personal pensions, including Sipps and Small Self Administered Schemes (Ssas), will make adviser’s life more difficult.
However, 49 readers, or 33% of the respondents, believe the new regulatory processes will improve the market, while 5%, or 7 readers, have no idea of the effect, although 4 readers, or 3% of the vote think regulation will kill the Sipp market.
The results of the strawpoll follow comments made by a number of industry figures expressing concerns about the way Sipp regulation has been handled, and whether it will achieve its aims.
Meanwhile the FSA has also recently warned advisers about the promotion of Sipps, and highlighted the possibility advisers may be transferring people into Sipps without it being in the client’s best interests.
And as a result it stated while it was looking at the promotion of Sipps, it had not yet rules out the possibility of introducing some focused thematic work on the issue once regulation came into effect on 6 April 2007.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Nyree Stewart on 020 7034 2681 or email [email protected]IFAonline
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