The Financial Conduct Authority (FCA) has issued a portfolio letter to CEOs of firms operating self-invested personal pension (SIPP) schemes, outlining heightened expectations and unveiling increased supervisory action.
The letter follows up on the FCA's May 2023 communication and addresses continued concerns around consumer protections, fund management, and Consumer Duty compliance within the SIPP sector. SIPPs allow consumers more flexibility and control over retirement planning, but they often contain higher-than-average pension pot sizes, which can increase consumer harm if issues arise. The FCA focus areas outlined its focus areas as including data, redress, pension scheme asset protection and Consumer Duty. Data collection and engagement In July 2024, the FCA collected data from all SIPP o...
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