FSA Sipp regulation could 'diminish' market

Speaking at the Pensions Management Institute’s (PMI) autumn conference, Tom McPhail, head of pensions research at the IFA firm, says plans for the Financial Services Authority (FSA) to start regulating Sipps could lead to the market shrinking. He says the Sipp market is now worth around £1bn, with Sipps in the last 12 months growing by 260% at the firm, although he warns there is a not a lot of new money coming into the market, as around 90% of transfers are coming from insurance companies. But he says the reason for the growth in popularity is because Sipps used to be expensive and ...