As if you didn't know already, life is about to get tougher. The new Capital Adequacy rules, in force from September, will mean that many SIPP providers will have to significantly increase the amount of capital held. Hardest hit will be the smaller players, particularly those with large holdings of "non-standard" assets.
The FCA is also stepping up pressure on governance and conduct with firms' systems and controls and third party arrangements coming under increasing scrutiny. The FCA's approach to some extent mirrors the Pensions Regulator's increase in governance requirements of those running occupational money purchase schemes. The net result of these pressures is increasing market consolidation, as some of the smaller operators decide to call it a day.
If you are affected by any of these developments, then TLT can help. Whether you are looking to exit the market or restructure your portfolio, we have the experience and the knowledge to assist you. We provide a full legal support service to the SIPP industry, with a specialist team that knows its way around both the pensions regulators. Our expert lawyers can provide the help you need to achieve your objectives as quickly and painlessly as possible.
We provide a complete solution for SIPP providers looking to acquire or dispose of a SIPP portfolio.
For SIPP providers who wish to change the types of investments permitted in their schemes, we are able to:
Our experienced team advises on all aspects of pensions and regulatory law applying to SIPPs, including trustees' duties, pensions taxation and all associated FCA requirements.
We draft all documentation required to establish and govern SIPP schemes. We also prepare and advise on SIPP providers’ terms and conditions, member application forms and key features documents and all associated literature.
Flexible pricing models
Our fees are competitive and provide excellent value for money. We offer fixed fee arrangements for specific projects.
We also offer 'menu pricing' allowing you to pay only for the services that you require and use.
TLT's SIPP team
As a national firm, with offices across the UK, we are always close at hand. The SIPP team consists of lawyers across Financial Services, Corporate, Pensions and Commercial Dispute Resolution ensuring that clients receive full coverage in this complex area.
Noline Matemera is a partner in our Financial Services Regulation team. She heads our SIPP team and is a highly experienced financial services regulatory lawyer with an in-depth knowledge of financial services law in the UK and the EU.
T: +44 (0)333 006 0734
Richard Leigh is a legal director in our Pensions team and works alongside Noline providing advice to clients on pensions investment, SIPPs and SSASs.
T: +44 (0)333 006 0212
This publication is intended for general guidance and represents our understanding of the relevant law and practice as at January 2016. Specific advice should be sought for specific cases. For more information see our terms & conditions on www.TLTsolicitors.com