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Multi-tie to everyone for Sipp and SSAS business,says FSA

The FSA is urging advisers who want to continue advising on complex pension business such as Sipps and SSASs to multi-tie to everyone in the marketplace.

Many in the industry say they are surprised by the statement which they claim goes against what the regulator&#39s proposed changes to the polarisation regime are trying to achieve.

Industry commentators say the only difference bet-ween a distributor firm tied to the entire marketplace and an IFA is in the name and the fact that the former can still work on a commission basis.

Because of the wide variety of investments involved in Sipps and SSASs, the FSA says firms tied to a small number of providers would have difficulty in advising upon and selling them.

An FSA spokeswoman says: “You can multi-tie to everyone in the market if you want to, so if you are selling these products, you can multi-tie to everyone.”

LIA director of public affairs John Ellis says: “This goes against the spirit of what the FSA is trying to achieve. That is not in the spirit of multi-ties at all.”

Hargreaves Lansdown pensions development manager Danny Cox says: “That suggestion certainly seems to defeat the object of independent multi-tie. I would suspect that most IFAs in the Sipps and SSASs market would remain independent and start charging fees if they do not already.”


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