The Financial Services Authority should clearly state what action it intends to take if companies offering self-invested personal pensions continue to operate without approval after 6 April.
Hornbuckle Mitchell, which provides administration services for sipps and small self-administered schemes (Ssas), warns firms who leave it too late to register with the FSA could be jeopardising the pensions of thousands of customers. From 6 April, the FSA takes over the regulation of personal pension schemes, including Sipps, but Hornbuckle Mitchell says the FSA is known to have been concerned since October about the lower than expected levels of applications it has received. The firm suggests as many as 40 out of 157 companies are either leaving it to the last minute to register, as t...
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