David Phillips provides valuable clarification regarding SIPP provider responsibilities
The FSA has been regulating the administration of SIPPs since 6 April 2007 under the permission of ‘establishing/operating/winding up a personal pension scheme’. In December 2008 the Small Firms & Contact Division of the FSA wrote to about 60 small firms requiring a questionnaire to be completed and sample documents to be provided in order that they could carry out a thematic review to assess how the small SIPP operators were adhering to their principles and rules. About half of those approached had a follow up telephone assessment and some had a subsequent FSA visit. This was completed by ...
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