FCA SIPP market consultation to set clear standards of due diligence

The FCA explained that  CP26/20 is intended to boost provider reliability while maintaining SIPP flexibility and broad investment choice. The watchdog said while most SIPP providers were "already doing the right thing" and provided a good service, there had been historic examples of "of poor due diligence, weak record keeping and gaps in how firms protect money and assets".   The consultation paper proposed clear standards of due diligence across the SIPP market. The FCA said it was intended to secure better outcomes for consumers by "improving consistency and adequacy of due dilig...