View more on these topics

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.”

Recommended

AFI panel says equities and large caps to outperform over 12 months

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 […]

Taking care of business

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.

This week in Life and Protection

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.

‘S2P is standing in the way of equality’

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 […]

Is volatility dead? No, sell credit

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 […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com