Delta Financial Systems Limited

FSA Thematic Review of SIPP Operators

The latest review was carried out by the FSA to investigate concerns and determine the extent to which SIPP operators had adapted their processes and procedures to reduce risks following their 2009 report.

The publication of the FSA’s findings on 23 October concentrated on risk planning and mitigation, the application of CASS rules and controls on investments held in SIPPs.

One of the areas highlighted was that some SIPP operators have inadequate risk identification processes and risk mitigation planning, underpinned by poor quality management information.

Those of you who attended our User Forum in June will be aware that we have developed a new suite of management information reports in the Report Engine based on both feedback from you and the findings in the FSA’s original thematic review in 2009.

The reports will enable our clients to analyse and report on data held in SIPP~Pro covering the following key areas:

  • New business
  • Scheme membership
  • Assets under management
  • Contributions and transfers
  • Benefit payments
  • Cash balances

Due to the large number of new reports being introduced they will be released in two phases. Please contact the Delta Support Team to arrange for them to be deployed to you.