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In six months’ time, April 2017, all Sipp providers will need to have changed their illustration systems so that they show the margin they retain on cash holdings, writes Elaine Turtle, director of DP Pensions.
The pension freedom reforms are a “potential trigger for future mass mis-selling”, MPs have warned.
A Sipp expert has questioned whether the FCA has the resources to police the new capital adequacy rules taking effect in September and what punishments firms failing to meet the requirements will face.
An advisory firm chief executive has been handed an official warning notice by the FCA over Sipp related advice.
The FCA has published what it called ‘minor changes’ to its new capital adequacy rules this afternoon – with one expert saying the original proposals had been ‘watered down’.
Several advice firms are braced for FCA punishments after consumers were advised to switch their mainstream personal pensions into Sipps through ‘improper delegation’ to unauthorised firms.
A leading pensions expert says the number of people found to be facing exit charges in a major FCA study is ‘significant’ - despite being lower than many might have expected.
Nearly a third of firms have told the FCA they always refuse transfers from insistent clients.
A director at Mattioli Woods has confirmed his firm is holding talks with troubled Sipp providers and the FCA to look at possible solutions ahead of the revamped capital adequacy rules taking effect next year.
Fines worth just under £170,000 were handed out to firms for auto-enrolment failings in the 12 months from April 2014.
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