Self-invested personal pension (SIPP) disclosure changes should be deferred for at least a year to avoid disrupting implementation of the Retail Distribution Review (RDR), Aegon has warned.
The provider said it broadly supports the planned changes by the Financial Services Authority (FSA), which would bring non-insured SIPP assets into the key features illustration disclosure regime. But warned the same systems are already being amended to reflect RDR requirements.
It said, in particular, complex changes are being made to key features Illustrations and yearly statements to show the effect of adviser and consultancy charges
Aegon said adding another layer of changes for implementation by the end of the year would create "major practical challenges and significant implementation risks for the industry".
It added it believed the FSA has significantly underestimated the complexity and costs of its proposed SIPP changes.
Aegon head of regulatory strategy Steven Cameron said: "We have big concerns over the proposed timeline. We think it would be highly risky, if at all feasible, to ask the industry to combine new SIPP disclosure changes with those already underway for the RDR.
"We are asking the FSA to prioritise RDR delivery and associated consumer benefits over improvements to SIPP disclosure, which will benefit far fewer customers."
The provider warned the watchdog in its response to the FSA's quarterly consultation paper CP12/5.
23% fall since Q1
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Including advice firm Chadkirk WM
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Lowest level since 2016