The regulator has been making it clear for many years that it has concerns about the way some Sipp providers conduct business. And one way it has been trying to combat it is with thematic reviews of the market.

Capital adequacy rules have been delayed numerous times, but are expected to come into force in the second quarter of 2014. The much-anticipated paper was originally meant to be released in September 2013, but has since been delayed owing to large numbers of responses to its consultation and the FCA having gathered more information than originally forecast.

Another large part of the thematic review will be providers who allow non-standard investments in Sipps. While there is nothing wrong with having more esoteric investments in a portfolio – many investors choose Sipps purely due to being able to hold non-standard investments – those who do not undertake proper due diligence should be concerned as they may struggle to continue to survive in the market.

Covering 56 providers, our biannual survey takes a look at changes in the market over the past six months and a forward look to see how some firms are preparing for potential capital adequacy rules.

But let’s not forget the Sipp market has been through major changes before, starting from when it was first regulated in 2007, when platforms started to grow and then last year with RDR.

The market has clearly proved itself to be adaptable, but for now, providers must play the waiting game to see what the FCA proposes and how it will affect businesses. Undoubtedly there will be some providers who do not make the cut, but others – namely those which have already been preparing for capital adequacy rules – will prosper.

charlotte.richards@ft.com