Cancellation rights amended under FSA Sipp proposals

Sipp customers will be able to waive cancellation rights when buying initial assets to sit within th...

Sipp customers will be able to waive cancellation rights when buying initial assets to sit within the wrapper, preventing issues with property purchase. Amended FSA proposals for regulating personal pensions, to come in from next April, allow Sipp members to bypass the typical seven-day cancellation period between giving instructions to buy assets and the purchase going through. With many Sipps used to hold property, feedback on the regulator's proposals said this delay could lead to member detriment if someone else comes in and buys the asset during the cancellation period. The FSA orig...