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SIPP disclosure rules expected to be delayed

SIPP disclosure rules expected to be delayed

Category: Pensions

Updated: 10/10/2012
First Published: 10/10/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Plans to change disclosure requirements for self-invested personal pensions (Sipps) products are expected to be postponed by the Financial Services Authority (FSA) after concerns were raised regarding the proposed deadline.

According to reports the regulator will suspend implementing the changes, originally pencilled to go ahead on 1 January.

Under the plans, all personal pension schemes will be required to carry a key features illustration, the effects of charges and full reduction-in-yield information.

Operators of Sipp schemes must relay bank interest or commission accrued on a member's funds.

News of the delay has been welcomed by those in the industry, who had expressed concerns at the initial deadline.

Head of regulatory strategy at Aegon, Steven Cameron, said: "We are very pleased that the FSA has listened to industry concerns because pushing ahead with these changes would have created insurmountable practical difficulties."

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