FSA will have limited powers over Sipps from A-Day

The comments come after John Howard, Consumer Panel chairman, wrote to the FSA’s chief executive, John Tiner, seeking clarification of his statement to the Treasury Select Committee that a lot of companies offering Sipps were already regulated by the FSA and that the regulator has a broad principle of Treating Customers Fairly (TCF). Howard says: “The FSA has made it clear that it will have some limited powers in relation to regulated firms selling Sipps when the remit is extended from A-Day. But the FSA will have to act robustly if this is going to provide any protection to consumers.” ...