The FCA’s thematic review of SIPP providers found that a significant number of firms were still failing to manage certain risks and concluded that this put UK consumers’ pension savings at considerable risk, particularly from scams and pension fraud.
With numerous SIPP providers already trading on thin margins, many may not be able to comply with the new requirements. Some SIPP providers will exit the market and leave client’s pension savings at risk.
SIPP rule changes
From 1 September 2016, the FCA will introduce a number of changes to the existing rules. These will have a significant impact on SIPP providers, especially those which have heavily focused on the non-standard market.
For an authoritative analysis of these changes from experts City Trustees and a list of the right questions to ask your SIPP provider look here
FCA Letter
If you would like to read the 'Dear CEO Letter' view here>>
To talk to experts
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