We use cookies to improve site performance and enhance your user experience. If you'd like to disable cookies on this device, please see our cookie management page.
If you close this message or continue to use this site, you consent to our use of cookies on this devise in accordance with our cookie policy, unless you disable them.

Close
In association with

Home > Pensions > Sipps & Ssas

Aegon calls for delay to FSA Sipp disclosure rules

The FSA should prioritise delivery of the retail distribution review and delay proposed changes to disclosure regarding self-invested personal pensions, Aegon has said.

By Marc Shoffman | Published May 03, 2012 | comments

Steven Cameron, head of regulatory strategy at Aegon, said while the insurer supports proposals to Sipp assets into the key features illustration disclosure regime, firms were already busy changing their systems for RDR.

Adding another layer of changes for implementation by the end of 2012, he claimed, would create major practical challenges and significant implementation risks for the industry.

He claimed that the FSA has underestimated the complexity and costs of its proposed Sipp changes.

Mr Cameron said: “Aegon supports the FSA’s proposal to bring non-insured Sipp assets into the projection regime but we have big concerns over the proposed timeline.

“We think it would be highly risky, if at all feasible, to ask the industry to combine new Sipp disclosure changes with those already underway for the RDR.

“We are asking the FSA to prioritise RDR delivery and associated consumer benefits over improvements to Sipp disclosure, which will benefit far fewer customers.

“Changes to client specific disclosure material are notoriously complex and costly. The FSA’s estimates look far too low to us.”

He said the changes should be deferred until at least the end of 2013.

visible-status-Standard story-url-aegon sipps MS.xml

COMMENT AND REACTION
Most Popular
More on FTAdviser
FTA jobs