In the recent pensions thematic review, the FSA has found that a number of operators were unable to demonstrate that they are treating their customers fairly in administering their sipp.
It says certain providers wrongly believed that the responsibility for the quality of the Sipp business they administer lies solely with advisers. I suspect this will be a big surprise to a lot of the smaller SIPP providers, that they also have a responsibility to TCF. Even those whose business model is built upon external distribution models with significant internal SIPP expertise
The regulator also uncovered problems with firms’ systems and controls, including their training and competence regime, the accuracy and transparency of illustrations and the disclosure of charges.
I guess this is where we come in, I would like to think that Dunstan Thomas Imago Front Office has been consistent over the past decade in the production of illustrations for the SIPP market that disclose FULLY, effect of deductions, the role of reduction in yields, type A ans type B critical yields and flexibility on projection rates used by asset classes.
I suggest more SIPP providers look us up and have a chat.