SSAS review service launches as firm warns over regulatory fines

Talbot and Muir has launched a free SSAS review service for advisers. The purpose is to ensure these schemes are meeting “the increasingly onerous regulatory and legislative requirements”, the company said.It cited the fact that SSAS, although not regulated by the FCA, still have obligations to fulfil to HMRC and The Pensions Regulator and if not completed could lead to large fines and possible de-registration of the scheme.Scheme administrators need to meet the HMRC ‘fit and proper’ person’s test which includes extensive knowledge of the ever changing pensions legislation. {desktop}{/desktop}{mobile}{/mobile}Claire Trott, head of pensions technical at Talbot and Muir, said: “Many providers have shied away from SSASs and focused just on their Sipp proposition, but we have always believed there is a place for a well run SSAS in the pensions industry.“Increasingly we are being approached by advisers to ensure the SSAS schemes they have are well run by the administrators and meet the regulatory requirements.“That is why we decided to launch a free review service for advisers. The initial consultation will be conducted remotely but if required, a face-to-face consultation may be available.”She said: “We have seen record growth in our SSAS product with scheme numbers increasing by nearly 50% over the last year and overall assets under administration up by 20%.“This has mainly been driven by takeovers of existing schemes where the administrator hasn’t been up to the adviser’s standards.“The obligations on scheme administrators are constantly evolving and by using a professional scheme administrator clients and advisers will have peace of mind that the scheme is being administered efficiently and compliantly.”

SSAS review service launches as firm warns over regulatory fines

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