'Overkill' SIPP cap ad rules unlikely to change - provider

Barnett Waddingham head of business development for SIPPs Andy Leggett said the hike in capital adequacy minimums, announced last year, would inevitably lead to mergers and acquisitions in the market. He added the overall focus of the consultation, which will increase the minimum level of money held by providers from £5,000 to £20,000, was out of proportion to the few cases of failure the market has experienced and the on-going thematic review was of greater importance. "The proposals are based on assets under management, but that is not right. It does not seem relevant. I think it is...