Here we go again… What did we learn from the third SIPP thematic review?

We have had a third thematic review of self-invested personal pensions (SIPPs) and what came up? Two subjects more familiar than the furniture: due diligence on investments and prudential requirements (read: capital adequacy). After all the warnings, the reflex is to groan and ask "Again? Really?" There is an absolutely key thing we don't know from the Dear CEO letter and annex: has the FCA simply uncovered more examples of past issues or do the findings represent ongoing failings since the not-long-passed second thematic review? The answer makes all the difference. If the findings...