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As part of the same team, same values, new possibilities, Taylor Patterson (a Mattioli Woods plc Company) is pleased to announce that Mattioli Woods plc, has been identified as a top three SIPP provider in terms of financial stability. This has been undertaken by independent research consultancy Finalytiq in its first review of the sustainability of the bespoke SIPP market.
The review comes ahead of the impending changes in the SIPP market, where in September 2016 the regulator, the Financial Conduct Authority (FCA), will introduce a number of changes to the existing rules, most notably will be the new limits on capital adequacy . These will have a significant impact on SIPP providers, especially those that have focused heavily on the non-standard market, and have a high number of clients in that category.
The FCA has highlighted inadequate risk processes, poor quality management information, an increase in the number of non-standard investments held by some operators, and inadequate due diligence being undertaken for introducers and investments. Therefore, the new rules with the enhancement of capital resources are aimed at providing better outcomes and protection for clients.
Mark Smith, Mattioli Woods plc Operations Director, commented:
“The FCA have been highlighting the importance of SIPP providers and ensuring they are well capitalised, ever since the industry became regulated in 2007, and it is great to see that the financial strength of Mattioli Woods in this market is recognised.
We are one of only three firms categorised as an “A grade” firm. This independent research should provide clients and our introducers comfort that their pension scheme assets are administered by a financially secure business”.
Gillian Bardin, Director added:
“This is great news for Taylor Patterson’s clients and introducers. As a business we met the new capital requirements but by being part of the Mattioli Woods plc group this only adds to the strength and depth of resource and expertise in the self invested market.”
The FCA will continue to review SIPP providers. These changes should help improve the self invested pension environment for the benefit of all clients now and in the future.
For further information on the new rules coming into effect which affect SIPP providers from 1st September 2016 contact Gillian Bardin on 01772 550619 or via email firstname.lastname@example.org