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UK: OFT, Commission hear concerns over pension competition

By  |  February 21, 2013

The Office of Fair Trading and the Competition Commission has received warnings from the Association of Member Directed Pension Schemes that FSA capital adequacy plans will threaten competition within the Self-invested personal pension sector. In a letter sent by AMPS chairman Andrew Roberts, the group warns that 12 of its firms may fail, arguing that the FSA’s regulatory scheme favors larger providers. FSA estimates 14 percent of SIPP operators may be forced out of the market as a result of the proposals, and Roberts argue that not all of that 14 percent “will be the bad ones” to leave the market.

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