Aegon is warning the successful implementation of the RDR will be put at risk unless the FSA delays Sipp disclosure requirements by “at least a year”.
In March, the regulator outlined plans to increase disclosure requirements for personal pension operators.
The changes, which are due to be implemented by the end of this year, will mean non-insured Sipp assets will be brought into the FSA’s key features illustration regime.
Aegon head of regulatory strategy Steven Cameron (pictured) says: “Aegon supports the FSA’s proposal to bring non-insured Sipp assets into the projection regime but we have big concerns over the proposed timeline.
“We think it would be highly risky, if at all feasible, to ask the industry to combine new Sipp disclosure changes with those already underway for the RDR.
“We are asking the FSA to prioritise RDR delivery and associated consumer benefits over improvements to Sipp disclosure, which will benefit far fewer customers.
“Changes to client specific disclosure material are notoriously complex and costly. The FSA’s estimates look far too low to us.”