FSA publishes feedback on regulation of personal pensions
29th September 2006The Financial Services Authority (FSA) has today published a policy statement on how it will regulate all personal pensions including Self Invested Personal Pensions (SIPPs) from 6 April 2007. This builds on the existing regime for firms in this sector that are already regulated.
The policy statement provides feedback on a consultation paper put out in April and follows on from the Treasury's announcement in March this year that all personal pensions will fall within the FSA's scope.
The rules set out in the statement will cover all aspects of personal pensions including how they are sold and promoted to consumers.
Dan Waters, FSA Director of Retail Policy, said:
"Broadening the range of personal pension providers should increase competition and lead to innovation, which will benefit consumers. Bringing all personal pensions under our regulatory umbrella will ensure that everyone benefits from the same level of protection."
From 6 April 2007, any firm wishing to operate or advise on a personal pension scheme will need to be authorised by the FSA. Firms new to FSA regulation and others wishing to vary their existing permissions can get application packs and guidance from the FSA website. Applications will be accepted from 2 October 2006.
How do I get authorised
Applying for a variation of permission
