Sipp providers will have to do much more rigorous due diligence of the investments they hold according to new FCA plans.
As part of the a new consultation, due diligence requirements will be written into the FCA handbook in the first half of next year.
It will even involve a new ‘regime’ – the Pension Scheme Money and Assets (PSM&A) which will extend many core client asset protections to the full Sipp market.
That looks like to have most significance for smaller specialist Sipp providers rather than what you call the big mass market Sipps.
Citywire New Model Adviser spells out the reasons - FCA proposes due diligence rules for Sipps after £526m client losses and some of the consequences for Sipp providers and advisers here.
Now this review can’t all be based on Citywire stories but this also feels important – that advisers are frustrated by price rises at FE Fund Info.
A business built around a Sipp and Ssas core Mattioli Woods has reached £32bn in assets with the purchase of KRD as FTadviser reports.
This story caused quite a fuss as financial planner Ian Else alerts his peers to ChatGPT’s growing influence. The headline in FTAdviser says it all.
Client switches adviser after ChatGPT criticises fund portfolio. Ian got the business.
FCA chief executive Nikhil Rathi made a speech on AI suggesting the FCA will be 're-thinking what it means to be an effective regulator' as a result.
There’s frankly not a lot of detail here though the review into AI and retail financial services regulation by Sheldon Mills is due in the next couple of weeks.
The FCA has proposed changes to investment trust listing rules, a move largely backed by the sector and reported by Money Markerting.
This feels like the key passages from law firm CMS - Jack Shepherd, corporate partner at CMS, said the proposals reflected recommendations made by the Association of Investment Companies following Saba Capital’s activist campaign against investment trusts earlier this year.
“The real question is whether bolting targeted conflict-of-interest protections into the Listing Rules is enough, or whether the activist playbook will find a sophisticated workaround.”
