Martin Tilley: Capital adequacy - one year on

The coining of the phrase "survival of the fittest" has been attributed to Herbert Spencer, who drew parallels between his own economic theories and Charles Darwin's biological evolutionary ones. Certainly, when it comes to survival of SIPP operators, financial fitness and the ability to adapt to the changing regulatory requirements has been essential. Many have fallen by the wayside. Industry estimates suggest the number of active SIPP operators has halved to around 70 - largely through consolidation into the now larger providers. This consolidation is, however, far from at an end. E...