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Thousands more pension savers are taking action over concerns they have been hit by a pension scam or are at risk - spurred by an FCA and TPR-backed campaign.
AMPS has urged its members to absorb lessons from the recent Berkeley Burke SIPP judicial review but says the case is “no game changer” for the majority of firms.
The FCA has written to SIPP firms to reiterate regulatory commitments following the judgement in the Berkeley Burke case.
FCA data showed an increase in the number of complaints about regulated firms, with more than four million complaints during the first half of 2018.
Discretionary fund manager (DFM) and Sipp provider Greyfriars Asset Management has slumped into administration.
The launch, by the FCA and The Pensions Regulator yesterday, of a joint regulatory strategy aimed at taking action to deliver better outcomes for pension consumers has been backed by the profession.
There has been a flurry of corporate results in the last few months from SIPP providers that have shown an increase in revenue due to the increase in SIPPs being set up due to the large number of DB transfers to SIPPs.
The Financial Conduct Authority has today published final rules and guidance from its consultation on improving the quality of pension transfer advice.
The FCA has fined Tesco Personal Finance plc (Tesco Bank) £16.4m over failings relating to a cyber attack in November 2016.

Platform and SIPP provider AJ Bell has called for annual platform charges to be disclosed in pounds and pence.

In its response to the FCA’s Platform Market Study interim report, AJ Bell says that reform of charges disclosure is important to allow greater scrutiny by investors.

The company wants:

  • Pounds and pence disclosure of annual platform charges
  • Regulatory guidance on bulk platform transfers
  • A lifting of the ban on cash rebates
  • Improved standards and transparency for model portfolio disclosures

Andy Bell, chief executive at AJ Bell, said: “The platform market has grown to a size and importance that merits greater scrutiny but equally it has delivered significant benefits to consumers in terms of lower charges and greater transparency that shouldn’t be derailed by unnecessary intervention. 

“In this respect, the interim report hit the right note in terms of highlighting the aspects of the market that need further debate.”

“The FCA is absolutely right to put value for money front and centre of the platform market study and sharpen the focus on revenue margin, expressed as the amount of revenue each platform makes in a year from each £ of assets under administration (AUA).”

He said that revenue per £ of AUA “cuts through” the complexity created by different platform charging structures.

He wants to see investors given the level of charges each platform levies per £ invested. 

This would be disclosed as £s of revenue per £100,000 of investment, rather than a basis points measure.

He said that based on the 2016 numbers from the interim report platform fees per £100,000 would range from £220 per year to £540. 

Mr Bell said he would also like to see platforms provide a calculator on their websites that showed customers the annual charges that potential and existing customers will pay, in pounds and pence. 

He also wants to see switching between platforms made easier.

In addition, he called for the lifting of the ban on cash rebates among other changes to simplify and streamline how platforms run and the charges they levy and to reduce complexity.

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