The Association of Member-Directed Pension Schemes has failed with its attempt to bring a Judicial Review concerning the new capital adequacy rules, it has just been revealed.
Earlier today Sipps Professional reported that AMPS expected a decision in the next few weeks but it has come sooner than expected.
Late this afternoon AMPS reported on its website that approval has not been granted.
There will be more reaction on Sipps Professional as we get it.
{desktop}{/desktop}{mobile}{/mobile}
AMPS began proceedings after taking legal advice on how the FCA dealt with the consultation process last year and applied for a Judicial Review.
The organisation made the move after discussions with members who questioned whether the way the regulator went about creating the new capital framework for Sipp operators led to the outcome being "seriously flawed".
AMPS said it had consistently supported an increase in the capital requirement for Sipp operators.
It said: "Our challenge to the FCA is in regard to its apparent disregard for fairness of procedure and adequacy of consultation, which leaves Sipp operators facing an illogical basis of capital requirement which proper consultation might well have seen rejected."
For more background on the review bid click HERE.
The FCA has previously said it would not be making any comment on the matter. The new rules are set to take effect in September 2016.