SIPP firm slams FSA

Neil Marsh of Hornbuckle Mitchell fears new capital adequacy requirements are too “onerous” and create a financial hurdle too high for many small SIPP companies. His comments come as the level of capital adequacy firms have to supply is due to be raised to 13 weeks’ expenditure. Marsh is concerned that not only is this a big leap from previous levels but it also means firms will have greater regulatory costs to meet, and more staff training to consider. Around 80 providers could be caught out by the rules, he said, and 80pc of them administer fewer than 500 SIPPs. Therefore, de...