FSA has written to the owners of small SIPP operators following a thematic review. Although FSA does not think small SIPP operators pose a significant risk, it found areas of serious concern in some firms which:
- could not show they were meeting TCF;
- thought they had little or no responsibility for the quality of SIPP business they administer because they do not advise on it; and
- had inadequate systems and controls.
FSA has published the results of its review, a fact sheet and some case studies. It wants owners of affected firms to review their business against these papers.