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.”
A leading pensions expert says the number of people found to be facing exit charges in a major FCA study is ‘significant’ - despite being lower than many might have expected.
Nearly a third of firms have told the FCA they always refuse transfers from insistent clients.
A director at Mattioli Woods has confirmed his firm is holding talks with troubled Sipp providers and the FCA to look at possible solutions ahead of the revamped capital adequacy rules taking effect next year.
I guess by now I shouldn’t be surprised at anything that emerges from the regulator on the subject of Sipps. There have been numerous well documented failures in the advice regime governing Sipps that it’s hard to believe that worse could follow.
Talbot and Muir has launched a free SSAS review service for advisers.
There were ten whistleblowing complaints about the Sipp sector in 2014/15, the FCA has revealed.
The FCA must fire a warning to firms that barriers stopping savers accessing their pensions are unacceptable, the Government has commanded.
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