Pension providers may have to disclose whether or not they receive commission or interest on cash accounts held in their SIPPs, according to an FSA consultation paper launched today.
The proposal comes as the FSA announces it will bump up SIPP disclosure requirements in a bid to stem mis-selling. Consultation paper CP 11/03 tackles whether providers should have to disclose what interest is earned from SIPP cash accounts and also tackles the issue of key feature illustrations (KFIs) for personal pension schemes. It highlights the fact that although SIPPs are classified as a type of personal pension scheme, scheme operators who brand their products as 'SIPPs' are exempt from producing projections for clients in KFIs and from providing ‘effect of charges' tables or r...
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