The FCA has been urged to introduce consistent industry data standards in the SIPPs industry, by SIPP-supplier Aberdeen Adviser.
The firm has made the plea ahead of the FCA SIPP market consultation closing on Monday 24 August.
Rich Denning, CEO of Aberdeen Adviser, said: “The FCA is right to address the data challenges affecting SIPP records, reconciliations and oversight, particularly where money and assets are held through external providers.”
He said consistent industry data standards would improve member-level information and reduce the need for bespoke data arrangements between SIPP operators and providers.
Mr Denning said: “If the FCA introduces a new PSM&A regulatory return, it should work with industry to establish common definitions, align with existing CMAR reporting where appropriate and avoid duplicate requirements.
“Where information collected for supervisory purposes can also provide useful market insight, the FCA could consider publishing appropriately aggregated outputs to improve transparency and understanding of the SIPP market.”
Looking at wider issues, Mr Denning said: “More broadly, CP26/20 provides a timely opportunity to highlight the limited and fragmented public information available on the SIPP market.
He said policymakers and industry would benefit from a clearer and more consistent picture of the market’s size and development, participation and contribution trends, and how consumers use SIPPs as part of their retirement planning.
He added: “This is a broader policy issue that extends beyond the proposed PSM&A return and warrants further consideration across the FCA, HMRC and DWP.”
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