The Financial Conduct Authority should introduce an interim amendment to the self-invested personal pension (SIPP) capital adequacy rules, delegates heard.
Speaking at today's conference, Association of Member-directed Pension Schemes (AMPS) chairman Andrew Roberts (pictured) suggested as an interim measure, every SIPP provider should move to 13 weeks' expenditure with a minimum capital requirement of £50,000. He said this would give time for a "proper debate" on the correct formula for capital adequacy requirements and provide consumers with additional protection. Last November, the Financial Services Authority released consultation paper CP12/33 setting out changes to the capital adequacy regime for SIPP operators. The paper recommende...
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