SIPPs: Industry body raises concern over “consumer harm”

SIPPs Industry body raises concern over consumer harmThe trade body for the self-invested pension industry, the Association of Member Directed Pension Schemes (AMPS), revealed their response to the Financial Services Authority’s (FSA) capital adequacy paper this week and has admitted concerns that if the proposals are implemented without change they could actually be harmful to consumers; the exact opposite of the FSA’s intention. FSA consultation paper The consultation paper, CP12/33, was published by the FSA late last year, with proposals designed to ...

SIPPs: Reaction to FSA capital adequacy proposals

Reaction to FSA capital adequacy proposalsThe FSA (Financial Services Authority) released proposals last week which, if implemented, could lead to bespoke SIPP (Self Invested Personal Pension) providers having to hold significantly higher reserves of capital. The FSA has decided that current rules do not provide adequate protection for customers should a SIPP provider fail.  Under the new rules, providers will have to set aside more financial reserves.  These reserves would be called upon to pay for the winding down, or transfer, of their SIPPs, in ...

SIPPs: Curtis Banks buys Alliance Trust SIPPs

Curtis Banks buys Alliance Trust SIPPsHas the long awaited consolidation of SIPP providers started? Curtis Banks has announced that they will be buying the Full SIPP Business of Alliance Trust. Alliance Trust run two SIPPs (Self Invested Personal Pensions), the Full SIPP, which allows access to a wide range of investments and the Select SIPP, which is more restrictive. Need advice on your SIPP?...