An advisory firm chief executive has been handed an official warning notice by the FCA over Sipp related advice.
Many customers newly entering drawdown to stay invested have not been using an adviser, new FCA figures showed this morning.
The minimum capital adequacy requirements for directly authorised personal investment firms will be doubled to £20,000 next June.
The latest FCA statement on the new capital adequacy rules strengthens the view that commercial property is, in most cases, a standard asset, a pensions expert says.
The FCA has published what it called ‘minor changes’ to its new capital adequacy rules this afternoon – with one expert saying the original proposals had been ‘watered down’.
Several advice firms are braced for FCA punishments after consumers were advised to switch their mainstream personal pensions into Sipps through ‘improper delegation’ to unauthorised firms.
Platform and Sipp operator AJ Bell is warning that the distinction between financial advice and other information or guidance services has become blurred and this is having two dangerous consequences.
In its response to the Treasury consultation on pension transfers and early exit charges, Sipp provider AJ Bell has called for all early encashment penalties that block access to the new pension freedoms to be scrapped.
Back in 2001 - when we almost succeeded with a MBO of the Sipp provider I was running (Personal Pension Management Ltd long since defunct) – I was questioned by the VC who was backing us about the sustainability of the interest “turn” that we derived from the pooling of bank accounts.
The FCA is to review its pension rules post the pension reforms to address the, “risks and challenges faced by consumers in the new retirement market.”
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