Moret: SIPPs are the FSA's ‘new whipping boys'

The Financial Services Authority's (FSA's) move on self-invested personal pension (SIPP) disclosure rules poses a major challenge to all providers and adds no value for consumers, John Moret has said.

Yesterday's CP12/29 consultation confirmed disclosure exemptions for SIPP providers would be scrapped from April next year. MoretoSIPPs principal John Moret said the FSA had made SIPPs and their operators its "new whipping boys". He said: "Coming hot on the results of their thematic review of SIPP operators which will already have set alarm bells ringing at many smaller SIPP operators CP12/29 could be the final nail in the coffin for many operators." Moret said while most of the document was concerned with projection rates - which are of little interest to SIPP investors - the disc...