View more on these topics

FCA refers two Sipp firms to enforcement

The FCA is set to refer two individuals at Sipp providers to enforcement following a thematic review.

In October the regulator threatened Sipp operators with regulatory action ahead of its third thematic review into the sector.

Speaking at the FCA’s annual public meeting in London today, FCA chief executive Martin Wheatley said: “We have had a continual issue over a number of years with Sipps being used as vehicles to pull people into inappropriate products.

“Two firms that have run those operations need to look very carefully at the products that are being invested in Sipps. Investigations are underway and this is something we will come back to.”

An FCA spokesman says two individuals, from two different Sipp providers, are in the process of being referred to the regulator’s enforcement division.

In April the FCA issued a further warning to advisers encouraging clients to invest their pension in unregulated products through Sipps. 



Treasury reveals tax change plans following Budget pensions overhaul

The Treasury plans to carry out a series of changes to the pension tax system following radical liberalisations announced in the Budget. The official Government response to the Budget consultation, published today, sets out proposals to amend tax legislation in a bid to encourage a wave of product innovation. The new rules will allow annuity […]


FCA: Lenders’ MMR questions are just ‘teething problems’

Over-zealous affordability checks by lenders are just “teething problems” and not evidence of unintended consequences of the mortgage market review, according to the FCA. Since the introduction of the MMR in April, brokers have complained that lenders have gone too far with their affordability checks, with some scrutinising spending on items such as pet food […]


Apfa slams FCA move to make advisers fund Budget guidance

Apfa has hit out at levy proposals for the Budget retirement guidance service after the FCA revealed advisers could be forced to pay 30 per cent of the costs. The guidance, designed to support the Government’s flagship pension freedoms policy, was initially due to be funded through a duty on providers and trust-based pension schemes. […]


SMEs warned over auto-enrolment non-compliance bills

Small firms could be hit with bills totalling tens of thousands of pounds if they fail to comply with their auto-enrolment duties on time, Standard Life warns. New analysis from the provider lays bare the potential cashflow nightmare facing SMEs if they are late setting up a compliant auto-enrolment scheme. According to the insurer, a […]

Guide cover

Guide: Johnson Fleming produces auto-enrolment checklist

For a job as big as managing the auto-enrolment changes, it’s important to know what has been completed and what still lies in front of you to give you the reassurance that everything is in hand. Getting the planning and project management right at the outset can help you see the path ahead and ensure everyone knows their roles and responsibilities. To help with this, Johnson Fleming has produced a checklist outlining every step that needs to be taken when preparing for auto-enrolment.


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