Scottish Widows has called on the FSA to increase the disclosure requirements for SIPPs after the Government last week gave the go-ahead for protected rights investment in the pension products.
The firm says it is vital clients are made aware of the potential charges involved in switching money into SIPPs, saying they could exceed those for their existing personal or stakeholder pension. It says the FSA, as part of its current review of personal pensions transfers, should bring the disclosure standard for SIPPs up to the level applied for insured personal pensions. The Department for Work and Pensions (DWP) last Friday announced all registered pension schemes - including SIPPs - can hold protected rights from October 2008. “We are concerned that many people could be advised to ...
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