FSA must crack down on slow SIPP transfers- Suffolk Life

John Moret, director of sales and marketing at Suffolk Life, says the FSA must crack down on the issue as anecdotal evidence suggests it can take up to a year for companies to transfer SIPPs to another provider. Moret says moving cash and direct equities should take three weeks at the most and portfolios should only take longer when commercial property sales slow down the process. He says slow transfers could hurt the market if potential customers see them as a product weakness. “Transfers are off the FSA’s radar. That is unfortunate and does need to be addressed. The issue is holdi...