A Sipps firm has backed the FCA's new capital adequacy rules and announced it has acquired the Sipp book from a pension administration provider for an undisclosed sum.

Changes to the capital adequacy formula, which were announced this week, have been described as 'odd' by a Sipp provider.

It has been a tough couple of weeks for the SIPP industry.

The best part of two years is a long time to wait for the result of a consultation, and you would expect to see some progress after that sort of delay.

The Association of Member-Directed Pension Schemes has declared it has "serious issues" with aspects of the new capital adequacy rules.