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Lone Sipp firm breaks cap-ad success

Magnifying-Glass-And-Text-Kindle-Contract-700x450.jpgThe FCA is working with one self-invested personal pension provider that is still not meeting the capital adequacy rules that were introduced in September 2016.

According to a Freedom of Information Act request published on the regulator’s website, as of 16 August this year there is one firm falling short of the rules.

The Sipp firm is not named in the FOI request response.

Earlier in the year, a July response to a separate Freedom of Information Act request, also published on the FCA’s disclosure log, said three firms were not meeting the capital adequacy rules.

The regulator reviewed the returns of firms’ that submitted data under the new requirements for the periods ending 31 March 2017, 30 April 2017 and 31 May 2017.

The FCA said one of the three firms had agreed to “rectify” not meeting the rules and it had raised the issue with the other two firms.

The capital adequacy rules came into force on 1 September 2016 and base solvency requirements on the proportion of standard and non-standard assets held by Sipp providers.

It was also revealed that ahead of the capital adequacy rules coming in that one Sipp firm – GPC Sipp – was charging its members a one-off £215 fee for work it has carried out to comply with capital adequacy rules.

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