Sipps professionals have expressed sadness and surprise, while also expressing fears for clients, after the FCA revealed four firms had failed over new capital adequacy rules.
The FCA has revealed that four Sipp operators have failed to meet the requirements of the new capital adequacy rules.
The FCA is planning to update the methodology used to calculate redress owed to consumers given unsuitable advice to transfer out of a defined benefit pension scheme.
The FCA has warned pension scheme operators over failing to identify non-standard assets.
The FCA’s chief executive has warned some pension providers they must take action quickly after the regulator found customers were still at risk of high costs and charges.
The FCA has told providers - including Sipps companies - who are operating ‘closed books’ of business to follow new guidance and review their practices within three months of today.
An adviser is set to be banned and fined over 'unsuitable' advice related to switching pension funds via Sipps into unregulated investments.
Showing my age, one of my all time favourite Motown songs is: “The world is like a great big onion” by Marvin Gaye and Tammi Terrell. I am reminded of this classic at every budget or autumn statement because our pensions world has been growing like an onion – with layer upon layer of complexity added almost every time the Chancellor gets to his feet.
The FCA is mulling proposals to introduce two new regulatory returns to collect more data about the retirement income market from providers of retirement income products.
The Financial Conduct Authority wants the fund sector to explore the potential benefits of greater pooling of pension scheme assets in an effort to cut costs as part of its review of the asset management sector.
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