Providers warn FSA SIPP reforms will be 'ineffective'

The paper proposes changes to ensure SIPP providers are no longer exempt from producing key feature illustrations (KFIs), effect of charges tables or reduction in yield (RIY) information for clients. It will also be asking the industry if SIPP operators should have to disclose any interest made and retained by them from investors' cash accounts. However, SIPP experts have questioned the broad-brush approach of the paper and whether the proposals will help protect consumers. John Moret, director, More To SIPPs (pictured), says: "The current SIPP regulatory regime is not fit for purp...