FSA in TCF warning to small SIPP operators

An FSA review carried out at the end of last year and involving 60 firms found some are unable to demonstrate their TCF capabilities when administering their SIPP. It adds some operators seemed unaware they share some responsibility for the quality of SIPP business they administer. It says some cited advice as the responsibility of "other parties", such as investment advisers. Finally, it identified problems with firms' systems and controls, including their training and competence regime, the accuracy and transparency of illustrations and the disclosure of charges. It has written t...