The Financial Services Authority (FSA) has proposed to force self-invested personal pension (SIPP) providers to adhere to the same disclosure standards regardless of the assets their schemes hold.
In February 2011, the FSA proposed that SIPPs should no longer be exempt from disclosure requirements, replacing this with an exemption for schemes which hold commercial property, commodity investments, synthetic exchange traded funds or shares.
However, after a backlash from the industry, the regulator said it would revise its proposals and re-consult this year.
Now, in a quarterly consultation paper, the FSA proposes to require all personal pension schemes, including SIPPs, to produce disclosure documents that include projections, effect-of-charges tables and reduction in yield information.
The FSA said: "In our view, unless equivalent disclosure rules apply to all schemes, no matter how invested, consumers and advisers will not have the information they need to understand the costs and benefits applying to competing schemes and to identify an appropriate and cost-effective personal pension choice.
"Although many firms provide this disclosure anyway, some firms may find it a challenge to provide meaningful illustrations for certain assets and will need to apply more thought in making and justifying assumptions."
During its first consultation, SIPP providers said it is impossible to produce projections of this kind for certain assets.
However, the FSA said in its latest proposals that it will produce guidance for SIPP operators on creating projections to make it clear where and it allows firms to use "reasonable assumptions" when predicting future asset performance.
The FSA also proposed to reform requirements on SIPP providers on how they disclose the retention of bank interest on client's cash accounts and the commissions operators receive.
This is in line with its original proposal on bank interest and commission disclosure.
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