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Aegon calls for one year Sipp disclosure delay

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.”



Costs mount again in FSCS levy rethink

Advisers have reacted angrily to the Financial Services Compensation Scheme’s increased 2012/13 levy, which will see investment intermediaries contribute £78m and life and pension intermediaries pay £46m. Last week, the FSCS confirmed the new figures and also warned both sub-classes could face further additional costs during the year. In February, the FSCS estimated investment advisers […]

Henderson’s Pattullo backs fixed-income fund limit

Henderson head of fixed income John Pattullo has backed the Investment Management Association’s proposal to limit exposure to asset-backed securities in fixed-income funds but Baillie Gifford is calling for more flexibility. The IMA is proposing a 20 per cent limit on asset-backed securities across the corporate bond, strategic bond, high-yield and global bond sectors. For […]

Google search to offer comparisons

Google UK is launching a financial comparison service in a move which will see the presence of BeatThatQuote reduced. Google bought BeatThat Quote in March last year for £37.7m, with managing director John Paleomylites becoming Google product managementdirector. Google is now to offer price comparison services through its search engine. The new search layout will […]

Portillion closes down

Portillion has withdrawn its FSA application and decided not to pursue becoming a mortgage lender. Its Farnborough office has been closed and all the staff have been made redundant. It first planned to become a lender in 2007 when former GMAC-RFC chairman Stephen Knight revealed plans to launch Checkmate Mortgages. It rebranded to Portillion in […]

Natixis video: Making smarter use of asset classes

Content supplied by Natixis Global Asset Management This video from Natixis Global Asset Management focuses on Active Share. One strategy for the smarter use of equity investments is ensuring you get what you pay for. According to the company, looking at Active Share can give you a better perspective on where performance comes from. Active […]


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