Retirement lending must be looked at as a crucial element in the FCA’s probe into barriers to mortgage sector competition, The Equity Release Council says.
A law firm has bolstered its expanding Sipp department with the appointment of a new associate.
A Sipp expert has questioned whether the FCA has the resources to police the new capital adequacy rules taking effect in September and what punishments firms failing to meet the requirements will face.
An advisory firm chief executive has been handed an official warning notice by the FCA over Sipp related advice.
Many customers newly entering drawdown to stay invested have not been using an adviser, new FCA figures showed this morning.
The minimum capital adequacy requirements for directly authorised personal investment firms will be doubled to £20,000 next June.
The latest FCA statement on the new capital adequacy rules strengthens the view that commercial property is, in most cases, a standard asset, a pensions expert says.
The FCA has published what it called ‘minor changes’ to its new capital adequacy rules this afternoon – with one expert saying the original proposals had been ‘watered down’.
Several advice firms are braced for FCA punishments after consumers were advised to switch their mainstream personal pensions into Sipps through ‘improper delegation’ to unauthorised firms.
Platform and Sipp operator AJ Bell is warning that the distinction between financial advice and other information or guidance services has become blurred and this is having two dangerous consequences.
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