The deadline for responses to the Financial Services Authority’s (FSA) consultation on the Sipp capital adequacy regime passed on the 22 February.
The regulator has proposed a hike to capital adequacy requirements for Sipp providers.
Under plans the absolute minimum capital a Sipp operator would have to hold will increase from £5,000 to £20,000.
The FSA proposed there would also be an additional requirement for providers that hold ‘non-standard’ asset types such as unregulated collective investment schemes (Ucis). This is because they will take longer to transfer in a wind-down situation.
The number of assets under administration (AUA) will also be taken into account.
Click through to find out what Sipp providers think of the proposals….