The FCA is consulting on strengthening consumer protection and supporting sustainable market growth in the self-invested person pensions (SIPPs) market.
Key proposals include:
- Due diligence requirements to reduce scams and fraud risk – moving from high level principles to detailed rules on assessment and monitoring of investments accepted into SIPPs and performing checks on introducers and third parties;
- A Pension Scheme Money and Assets regime to ensure firms protect and accurately record pension scheme money where they use unauthorised trustees – introducing more prescriptive requirements for firms not subject to CASS, including maintaining comprehensive and accurate records, identify and investigate any discrepancies promptly, and have clear audit trails.
The consultation closes on 24 August 2026.