29 September 2006
The Financial Services Authority has published a policy
statement on how it will regulate all personal pensions including
Self Invested Personal Pensions from 6 April 2007.
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.
The policy statement and the consultation paper CP06/5 are also available
on the FSA website.
