A-Day on 6 April 2006 ushered in a new taxation regime for pensions, under the heading of Pension Simplification (no sniggering at the back, please).
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 FOS has ruled against an IFA firm over a Sipps case, concluding that ‘unsuitable advice’ was given.
The FCA has revealed that four Sipp operators have failed to meet the requirements of the new capital adequacy rules.
James Hay bosses say they are focused on “getting the basics right” on service but acknowledged there was “some way to go”, as the firm reported an adjusted operating profit £7.1 million.
Having just had the last Spring Budget, delivered by a very humorous Chancellor Philip Hammond, it is back to the day job, with thankfully few further changes to our ever complex pensions regime.
A new drawdown comparison table has been created to show both Personal Pensions and Sipps.
James Hay is overhauling its charges, it revealed this morning, with some fees set to be axed and a new structure established.
Talbot and Muir has changed its data capture process after HMRC ramped up its due diligence.
Fergus McDiarmid, Partner and Property in Pensions Team Lead at Scottish law firm Morton Fraser, writes about why he believes the Sipp sector is showing resilience in difficult times.