Pensions are complicated enough for providers, advisers and clients to administer and understand.
As we all know the FCA issued a consultation on the Financial Services Compensation Scheme (FSCS) funding under CP16/42 and this is under review. The last time these rules were reviewed was in March 2013.
Having just had the last Spring Budget, delivered by a very humorous Chancellor Philip Hammond, it is back to the day job, with thankfully few further changes to our ever complex pensions regime.
As I am getting older, I don’t know if my tolerance levels are lower than they once were but at the moment, every time I read a story about the number of SIPP complaints being received by The Financial Services Compensation Scheme and Pensions Ombudsman it makes my blood boil.
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.
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