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FSA Must Protect Pension Holders With SIPP Regulation

6th September 2005 | back to article listings BACK    print this article PRINT

In response to the Treasury's announcement yesterday that it may bring the operation of Sipps under the remit of the FSA, Stuart Law, Managing Director of property investment specialist Assetz comments:

"I am relieved to see the Government is recognising the urgency of addressing Sipp regulation before A-Day next April. For the purpose of consumer protection, it could present a conflict of interests if property companies were able to offer both Sipp wrappers and property to go in them, without any kind of FSA regulation. The high levels of gearing involved would mean that in the wrong hands or with bad advice, pension-holders would be at risk.

"The FSA believes deciding on the level of pension regulation would be a two-year process, but I would expect the rules regarding what can go into a Sipp to also be under review by then.  The purpose of redesigning the pension structure in the UK was to sort out the pensions crisis and assist those without adequate pension provision. Sipps instead offer mammoth tax breaks to the wealthy - something which is unlikely to escape redress in phase two of the pension restructuring.

"This month Assetz is launching the very first property friendly Sipp to be offered directly by a property investment specialist. With Assetz, clients will benefit from FSA-regulated advice through one of their group companies if they so wish, even though Sipps currently remain outside regulation."

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/2179.html. Alternatively, please see our full press release archive.

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