View more on these topics

Experts say Sipps likely to come under re-reg rules

IFDS group executive David Moffat

The Financial Conduct Authority is likely to bring Sipps and discretionary fund managers under its re-registration guidelines as part of its review into adjacent markets.

Speaking at the Money Marketing re-registration round table last week, platform experts said read across was “logical”. 

In its recent platform policy statement, the regulator said it would look at the possibility of reading across to adjacent markets including Sipps.

Nucleus chief executive David Ferguson says: “The focus has all been on platforms and most of them have either made the required changes or are seen to be pretty close to doing it. The amount of money on platforms compared to the whole of the retail platform space is fairly small. Actually the big challenge is why can you not do this for legacy products as well.”

International Financial Data Services group executive David Moffat says: “There is virtually no read across into the discretionary market and very little in the Sipp market at the moment.

”I think it is a logical move to extend the re-registration requirements to these other markets.”

Origo Financial Services managing director Paul Pettitt says it will be difficult to bring Sipps under the same re-reg regime as platforms because of the types of assets often held in Sipps.

He said: ”With the type of underlying investments within a Sipp i think it will be a difficult thing to get the same kind of re-registration position as in the platform space.”



FCA to set out views on SVR hikes

The Financial Conduct Authority is to set out its position on hikes to standard variable rates as part of a wider industry discussion around fairness in mortgage contracts. Minutes from the FCA board meeting in June, published yesterday, reveal the board discussed options to clarify the regulator’s views on SVR changes. The regulator has decided […]

Nest puts commercial property at centre of default investment strategy

The National Employment Savings Trust has handed two real estate investment mandates to Legal & General Investment Management. It is the first time Nest, a pension scheme established by the Government for automatic enrolment, has invested directly in commercial property. Nest says the new mandates will represent a “sizeable portion” of the Nest Retirement Date […]

Harlequin administrators leave investors in limbo over claims

Around 9,000 investors in collapsed overseas property firm Harlequin Property are no closer to knowing whether their claims against the company are valid after administrators set out the complexity of the claims process. Harlequin Property, the trading name of Harlequin Management Services (South East), is an unregulated firm that sold investments in luxury resorts in […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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