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FSA/PN/099/2006
29 September 2006

The Financial Services Authority (FSA) has today published a policy statement on how it will regulate all personal pensions including Self Invested Personal Pensions (SIPPs) from 6 April 2007. This builds on the existing regime for firms in this sector that are already regulated.

The policy statement provides feedback on a consultation paper put out in April and follows on from the Treasury's announcement in March this year that all personal pensions will fall within the FSA's scope.

The rules set out in the statement will cover all aspects of personal pensions including how they are sold and promoted to consumers.

Dan Waters, FSA Director of Retail Policy, said:

"Broadening the range of personal pension providers should increase competition and lead to innovation, which will benefit consumers. Bringing all personal pensions under our regulatory umbrella will ensure that everyone benefits from the same level of protection."

From 6 April 2007, any firm wishing to operate or advise on a personal pension scheme will need to be authorised by the FSA. Firms new to FSA regulation and others wishing to vary their existing permissions can get application packs and guidance from the FSA website. Applications will be accepted from 2 October 2006.

How do I get authorised
Applying for a variation of permission

Notes for editors

1. The policy statement and the consultation paper CP06/5 are available on the FSA website.
2. The FSA published a guide to SIPPs for consumers on its website last year. More impartial information on wider pensions issues including the changes to the pensions tax regime from 6 April 2006 can be found on its pensions website.
3. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
4. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.