SIPP providers warn FSA on one-size-fits-all regs

clock

SIPP providers say they have serious doubts about whether the FSA's proposals to force them to produce more literature and increase charging disclosure will benefit pension clients.

Groups have now submitted their responses to the FSA's consultation paper, CP 11/03, which proposed SIPP providers will no longer be exempt from producing key feature illustrations (KFIs), effect of charges tables or reduction in yield (RIY) information for clients. The CP also asked the industry if SIPP operators should have to disclose any interest made and retained by them from investors' cash accounts. Steve Latto, head of pensions at Alliance Trust Savings, warned there was a danger the FSA's proposals would be unworkable at a full SIPP level," due to the complexity of charging s...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Examining the 60/40: Building diversified portfolios in 2023

Examining the 60/40: Building diversified portfolios in 2023

Advisers have a lot to consider when it comes to portfolio diversification

Charlotte Moore
clock 14 April 2023 • 6 min read
Schroder Investment Solutions expands distribution of MPS

Schroder Investment Solutions expands distribution of MPS

Expanding the range of DFM choice on the Parmenion platform

Ayesha Venkataraman
clock 06 December 2022 • 2 min read
Larger DC pots hit by weak investment performance

Larger DC pots hit by weak investment performance

Aon’s DC tracker

Holly Roach
clock 01 July 2022 • 4 min read