The self-invested personal pension (SIPP) market will see consolidation as a result of the Financial Services Authority's (FSA's) move of unregulated collective investment schemes (UCIS), a provider has said.
Suffolk Life said it welcomes the watchdog's move to ban the promotion of UCIS to ordinary retail investors and said the decision was better than increasing regulation of tax wrappers, such as SIPPs. Head of marketing Greg Kingston said some SIPP providers were dependent on UCIS investments for the majority of their business, and so the market would see consolidation as a result of the change. Kingston said: "The regulator seems to be taking a multi-faceted approach to their concerns on UCIS. Their announcement on capital requirements for SIPP providers is imminent and now they have t...
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