Sipps trade body to lobby FSA over platforms

The Association of Member-Directed Pension Schemes, the trade body for self-invested pension providers, has announced the formation of a sub-committee that will oversee ongoing debates in the wraps and platforms sector and make representations to government and the regulator.

Amps said that platforms are becoming an increasingly important area for pension providers - and particularly self-invested personal pensions - and that it was “becoming concerned that there isn’t one trade body looking at the ramifications for providers, advisers and ultimately the consumer”.

The sub-committee, which will be chaired by Neil MacGillivray, honorary secretary of Amps, will seek to make representations to government bodies that have a role in the rules surrounding the charges and operations of platforms, including the Financial Services Authority and its successors, HM Revenue and Customs and the Treasury.

Andrew Roberts, chairman of Amps, said: “With the implementation of RDR less than 12 months away the platform market looks set to grow considerably and one of the drivers of this will be pensions.

“As a committee we have become concerned that there has been a great deal of debate on SIPPs, their suitability and the charges associated with them.

“We are forming a sub-committee so that we can benefit from the huge knowledge base and experience of our member firms”.