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.
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.