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The FCA has revealed that four Sipp operators have failed to meet the requirements of the new capital adequacy rules.

Sipps professionals have expressed sadness and surprise, while also expressing fears for clients, after the FCA revealed four firms had failed over new capital adequacy rules.

James Hay bosses say they are focused on “getting the basics right” on service but acknowledged there was “some way to go”, as the firm reported an adjusted operating profit £7.1 million.

Pension professionals fear a one size fits all ‘auto-drawdown’ policy will hurt clients, and they have suggested advice vouchers should be re-examined.

Curtis Banks will examine possible acquisitions of good quality Sipp books this year, it said this morning, after announcing a profits boost.

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