FCA confirms third thematic Sipps review publication date

The FCA has confirmed that the third thematic review into Sipp providers will be published in June. The regulator said it could not be give an exact date for the report but it expects to publish before July.Areas of concern, which the regulator is looking at, include firms' financial resources, quality of business and operational procedures and controls.{desktop}{/desktop}{mobile}{/mobile}The FCA told Financial Planner in a brief statement: "We can confirm that the third thematic review is taking place and the results will published approximately at some point June."It could be subject to change and is a provisional publication date."Andrew Roberts, partner at Barnett Waddingham LLP and ex-Chairman of the Association of Member-Directed Pension Schemes warned in a recent blog on Sipps Professional that improving systems and controls, a focus of the review "takes time and money and there is usually no quick fix".The capital adequacy paper is expected out at the same time.The aim of the capital adequacy proposals by the FCA is to provide suitable levels of capital to allow Sipps and their investments to be transferred to another provider in the event of a Sipp provider's collapse. This avoids a regulatory cost.The FCA believes that while some Sipp investments, such as funds, could be re-registered relatively easily property is a more complex investment and more money would be needed to pay for the transferring of deeds and other legal costs.The watchdog believes that the changes would provide higher protection for consumers if a Sipp provider collapsed.

FCA confirms third thematic Sipps review publication date

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