Moret: FCA places 'unreasonable' responsibilities on SIPP providers

MoretoSIPPs principal John Moret says the FCA places "unreasonable" responsibilities on SIPP providers when many of the issues the industry faces are advice based.

Speaking at the Henry Stewart SIPPs and Retirement Options conference Moret said the FCA has responsibilities given its role in authorising advisers. "We have seen brand damage in the SIPP industry some of which is justified and some isn't," he said. "However, the buck stops at the provider's door to an extent that is unreasonable. The FCA authorises advisers and yet most of the problems the SIPP industry faces have occurred in the advice area. However, when the adviser isn't there to answer the case the FCA goes to the provider - doesn't the FCA also have responsibilities here?" More...