SIPPs: FSA proposes increased disclosure on SIPP bank accounts

The FSA has proposed that SIPP providers will in future have to disclose any commission or interest they receive from the funds of SIPP members. SIPP bank accounts Every SIPP has a bank account, which is used to hold cash, receive income in from investments and also make payments out. The provider of the SIPP bank account is usually, although not always, mandated by the SIPP provider and interest rates are generally below Bank of England Base Rate, currently 0.5%. There are even some SIPP providers  mandating bank accounts paying zero interest. Currently some SIPP providers receive interest from the banks ...