View more on these topics

FCA requests details of Sipp firms’ business plans


Experts warn the Financial Conduct Authority is ramping up scrutiny of Sipp providers after the regulator requested detailed information on firms’ post-RDR business plans.

Last week, the FCA contacted Sipp providers asking for details of the way each firm operates.

The information request includes questions about the number of scheme members, assets under administration and the proportion of members’ money invested in different asset types.

The regulator also wants to know how much business each Sipp firm does direct both on and off platform, through bank advisers and through intermediary advisers.

In addition, the FCA asks for each firm’s business strategy for the next three to five years and asks whether they have been approached by smaller operators who are looking to sell their Sipp book.

Suffolk Life head of marketing Greg Kingston says: “To me it looks like the FCA wants to see what changes its consultation papers have introduced, including where various Sipp firms are now going and who the buyers are. It really wants an open appraisal of where each business intends to go.”

London & Colonial product development manager Adam Wrench says: “The reporting Sipp providers need to do is constantly increasing and this is just another thing we will have to do.

“My concern is that as Sipp regulatory costs increase people will inevitably start considering alternatives which are not subject to the same levels of regulation.”

MoretoSipps principal John Moret says: “Given the relatively high profile Sipps have now got, it makes sense for the FCA to make sure it has all the information it needs to regulate the market.”


Peter Herd MM blog

Peter Herd: Why the MAS is wrong to link up with banks

We are now four months into the RDR and the FCA and politicians seem to be confused about the new rules. We have MAS chief executive Caroline Rookes stating that she would like to grow partnerships with banks and building societies to bridge the advice gap. This seems to be at odds with the MAS’s […]


Help-to-Buy could spark 30% surge in house prices

The Government’s Help-to-Buy scheme risks pushing up house prices by nearly 30 per cent over the next three years, according to a group of economists. Macroeconomic consultancy Fathom Consulting says the scheme is “reckless” and offers incentives to lenders to issue mortgages to people who “should not” be offered credit. The consultancy estimates house price […]

Comment of the week: Consumers who think they received advice but didn’t

Comment of the week Online comment relating to story: Law firms question FCA execution-only disclaimer view An interesting point and one I tend to agree with. I have seen first hand people who think they received advice when, in fact, they were sold a product “unadvised”. Consumers often do not fully understand the legislative protection […]

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 […]


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