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.”
A survey of the Adviser Fund Index (AFI) panel has shown overwhelming confidence in equities with large caps in particular tipped to outperform over the next 12 months. More than 70 per cent of respondents believed the FTSE 100 would exceed 6,000 by the end of 2006 and 86 per cent felt that equities would […]
Immediate Needs Forum chairman Robert Hamer is so concerned about NU’s withdrawal that he is looking very closely at GE Life, one of the remaining three LTC providers, to check it does not also intend to pull out.
It was all about Norwich Union last week after the parent group Aviva announced it was cutting 4,000 jobs which came hot on the heels of the news that NU was withdrawing from the long-term care market.
Retention of the second state pension is a major sticking point in the Government’s Pensions White Paper proposals and will mean continued inequality between high and low-earners, according to the Pensions Policy Institute. In its response to consultation on the White Paper, the PPI says that measures such as reducing the number of qualifying years […]
There are several arguments that one could currently make for why credit markets look unattractive. These include signals that the US economy is in late cycle, the fact that corporate leverage has been increasing (with 2016 setting a record for the amount of global bond issuance), and that US high-yield default rates have risen considerably […]
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
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The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]