Comment and Blogs
The much-anticipated capital adequacy regime for SIPPs is finally upon us, and providers now have to get out their abacuses, and remove their shoes and socks, in order to undertake the calculations that will determine the requisite size of their capital reserves, underpinning the membership of their SIPP book of business and portfolio of assets.
Read more: James Jones-Tinsley: Sipp rule aims may be lost in translation
The FCA advised AMPS at the beginning of August that they had issued an alert highlighting some of the risks arising from authorised firms accepting business from unauthorised introducers and lead generators.
Read more: MacGillivray: FCA alert comes after horse has bolted
So, finally the Sipp industry will see the new capital adequacy rules come into force on 1 September 2016.
Read more: Mike Morrison: New Sipp rules open to provider interpretation
After reflecting on developments in the SIPP market over the last few weeks I’ve concluded that it’s definitely a case of out with the old and in with the new.
2016 has been another year of consolidation in the Sipp industry, this can be seen as good or bad depending on who you are and more importantly, where the Sipps end up.
Read more: Claire Trott: Sipp sales to just 1 or 2 big players is big concern
Who could have predicted the political machinations that have unfolded since the UK narrowly voted ‘Leave’ on June 23rd, with more sackings and resignations in the last three weeks, than during a normal week at Leeds United.