FSA recycling debate is a false target

FSA chairman Callum McCarthy recently (25 September, Investment Week) questioned the business models...

FSA chairman Callum McCarthy recently (25 September, Investment Week) questioned the business models of the intermediary community - again. He focused on the current issue of recycling - not of FSA consultation papers - but of predominantly pensions business. Much of the money put into the 300,000 Sipps estimated to have been created is not new into the industry but money moved from one home to a more advantageous shelter. And while advantageous for the investor, McCarthy is trying to argue it is done more for the benefit of the adviser and provider. Clearly within the 300,000 plans ther...