FSA probe uncovers SIPP operator failings

A Financial Services Authority (FSA) thematic review has uncovered widespread failings among SIPP operators.

There is a poor understanding among firms' senior management of regulatory requirements and their individual responsibilities, the FSA said. Among a raft of failings, the regulator also said there remains a "prevalent" perception among operators that they bear little or no responsibility for the quality of the SIPP business that they administer. The findings follow a thematic review of 72 SIPP operators conducted last year. Areas where the FSA identified problems included risk planning and mitigation, where it found poor compliance with regulatory requirements. Meanwhile, the ma...