The FCA’s consumer duty rules govern
- products and services
- price and value
- consumer understanding
- consumer support.
I would assume that Sipp fees fall under price and value, and what consumer support means is unambiguous.
Article continues after advert
It will be interesting to see whether £350 a year or more constitutes fair value for a worthless Sipp, and whether “consumer support” is given to a client begging their provider to close their Sipp.
Perhaps the official bodies involved in creating this conundrum could think again. Otherwise it will be interesting to see how these provider practices will be defended in future.
carmen.reichman@ft.com
Page 3 of 3
