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Concern grows over Sipp regulation delay

Pointon York Sipp Solutions managing director Christine Hallett fears that Sipp regulation will be delayed as the FSA is still unsure what it is meant to be regulating.

Sipp providers are hoping the regulation, scheduled to come into force next April, will allow Sipps to keep their flexibility. Many firms are also waiting anxiously for next month’s consultation paper from the Department for Work and Pensions on whether protected rights will be allowed in a Sipp.

But Hallett says regulation will inevitably be delayed. Although the FSA says it only wants to regulate sales of the Sipp wrapper and not all the products in it, Hallett says what this means in practice is unclear. She believes IFAs could be banned from channelling all Sipp customers into their own Sipp.

She says: “The problem is that the FSA do not know what they are regulating. I think it is inevitable there will be some delay.”

Pal Partnership business development manager Richard Mattison says: “The big question is how do you regulate something like a Sipp which is supposed to be totally flexible. I am worried that the FSA could make it impossible to do anything so the whole concept of the Sipp collapses around our ears.”


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