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FSA warning over Sipp financial promotions

The FSA has warned it has concerns over a ‘significant number’ of Sipp financial promotions in the run-up to regulation.
The regulator undertook a review of Sipp financial promotions in the lead-up to regulation on 6 April and says firms need to take steps to ensure such promotions comply with its requirements.
It also warns it will carry out thematic work on Sipp advice if it sees problems in this area after regulation begins.
The FSA is already monitoring advice on Sipps and has sent out guidance today reminding advisers that from 6 April they must only use authorised Sipp operators.
The FSA says there will be a list of authorised firms available on its website when regulation begins.
It has had a total of 135 applications for authorisation, 64 new applications and 71 from firms already regulated for other activities.
The guidance, in this month’s newsletter to financial advisers, highlights the need to ensure advice on the transfer into a Sipp is suitable, reflects the customer’s needs, priorities and circumstances and is not influenced by commission payments.
It also reminds advisers that initial disclosure documents and the payment menu must be updated before 6 April to add new wording about commission on these products.
The newsletter says: “We are already monitoring closely the provision of advice on Sipps and are having discussions with a limited number of firms to further inform ourselves of market practices.
If we see cause for concern in this area or indeed other aspects of Sipp advice, we will consider focused thematic work”.


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