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Sipps professionals have expressed sadness and surprise, while also expressing fears for clients, after the FCA revealed four firms had failed over new capital adequacy rules.
The FCA has revealed that four Sipp operators have failed to meet the requirements of the new capital adequacy rules.
Pension professionals fear a one size fits all ‘auto-drawdown’ policy will hurt clients, and they have suggested advice vouchers should be re-examined.
James Hay bosses say they are focused on “getting the basics right” on service but acknowledged there was “some way to go”, as the firm reported an adjusted operating profit £7.1 million.
Curtis Banks will examine possible acquisitions of good quality Sipp books this year, it said this morning, after announcing a profits boost.
We are fast approaching at the second anniversary of the pension freedoms and the removal of the requirement to buy an annuity (officially that is – the real compulsion went several years before). In that two years the focus has been on the numbers – what has been cashed, how much tax has been generated, what product options are popular and very little on how the money has been spent.
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