Elaine Turtle, director of DP Pensions Limited:
“In 1989 “Memorandum 101” mapped out the new world of self investment for individuals with all the freedom of a free competitive market. Shortly after this, banks began to act as a provider, which meant practitioners could work with them utilising their SSAS experience to deliver products through financial advisers. Then 2006 saw the arrival of “A-Day” and simplification, which provided further opportunities for Sipp providers to strengthen their place in the market.
Innovation has always been central to the Sipp industry and “R-Day” opened up the market to newcomers with a relaxation of the regulations on who could be a provider. But this has brought with it an increasing role for the regulator, as it perceives there is too much freedom and that the self-invested need protection. My greatest fear is that capital adequacy bites in and inhibits the freedoms envisaged by original liberty.”
