4 Jan 2019
Richard Hulbert discusses how the small self-administered schemes market has evolved.
This article was originally published on FTAdviser.com on 12th November 2018.
Valentine’s Day 2017 was arguably the day the small self-administered schemes (Ssas) industry got a shock.
This didn’t come from yet another fraudster's actions or a judge ruling a provider should have done better due diligence, but rather the regulator itself.
The Pensions Regulator's (TPR) then executive director for regulatory policy, Andrew Warwick-Thompson, posted a blog on the regulator's website entitled, ‘Helping trustees stop scams’.
The article makes a lot of sense, and I encourage you to read it. However, it is this paragraph that made Ssas providers and advisers worry: “So, I believe that pension transfers to Ssas arrangements ought to be banned. In fact, to put a stop to their abuse, I believe that an outright ban on the establishment of any more Ssas arrangements also warrants serious consideration.”
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