The Financial Conduct Authority has stated that the policy statement for the Sipp capital adequacy reform will be issued at the end of the year.
There had previously been speculation in the industry that it would be issued in September but the FCA said this was not the case.
The initial consultation paper titled 'CP 12/33 A new capital regime for Self-Invested Personal Pension operators' was first issued in November 2012 by the former Financial Services Authority. A consultation was then opened for people to submit responses until 22 February 2013.
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The paper proposed that the minimum amount of capital held by Sipp providers should be increased from £5,000 to £20,000.
It also proposed an additional capital surcharge dependent on the volume of non-standard assets held by the provider. These were defined as assets which incur additional time and costs to be transferred to another provider.
However, the issue that commercial property was defined as a non-standard asset was criticised by providers. Firms also disliked the fact that the measure was worked out by assets under administration rather than number of Sipps held.