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FSA could reduce SIPP transfer timescales

According to SIPP administrator Hornbuckle Mitchell, the timescale for transfer values paid into self-invested personal pensions will be cut by new Financial Services Authority (FSA) regulations.

Clients often face lengthy delays when moving funds from an insurance company-run personal pension into a new SIPP, but according to Hornbuckle Mitchell, the FSA's new Treating Customers Fairly (TCF) principles would make pension providers invest more in manpower needed to handle transfers.