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.