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Big names wait for full Sipp authority

Norwich Union, Winterthur, Tomorrow (formerly GE Life) and AWD Chase de Vere are just some of the big names which have not achieved full Sipp authorisation by the April 6 deadline.

They are featured on a list of 22 firms which have secured interim authorisation to sell Sipps as the FSA did not process applications in time.

These firms are subject to FSA rules but customers will not get protection from the FSCS until the firms become fully authorised by the second October deadline. Others include Aon Consulting and JS&P Pension Trustees.

Tomorrow retirement pro-duct design manager Ray Chinn says he expects to get full authorisation imminently as it submitted its application well in advance of the deadline but its rebrand to Tom-orrow has “confused communications” with the FSA.

A Winterthur spokesman says: “The FSA has a large number of applications to process and is happy for firms to be granted interim authorisation. Ours was not one of the first sent in but it was sent in ahead of deadline.”

NU director of pensions Angela Macdonald says it fully expects to be given full authorisation well ahead of the October deadline.

But Hargreaves Lansdown head of pensions research Tom McPhail says: “What have these firms been doing all these months?”

Suffolk Life director of sales and marketing John Moret says: “This will be disconcerting for clients.”

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