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

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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...

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