11 Dec, 2008
Pensions Switching - a further Pensions Review
The FSA has written to Firms that conduct PPP to PPP / SIPP switches regarding the findings of a recent study that found regulatory shortcomings in the standards of advice offered.
The FSA will be publishing further details of any required action in the near future. In the meantime, the FSA are asking Firms to look at the advice Firms provide to customers to switch their pensions, in order to ensure that the Firm has treated customers fairly in the past and continues to d
The FSA expects that Firms will need to:
To assist Firms, the FSA will publish a file review template - expect this early in the new year.
* The FSA do not expect Firms to include advice to transfer from an occupational scheme to a SIPP, given prior to April 2007, where the investment held by the SIPP was unregulated (for example, direct holdings in commercial property). Such business undertaken prior to April 2007 is outside scope of FSA Regulation.
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