19th Mar 2007 07:01
Mattioli Woods PLC19 March 2007 Press Release 19 March 2007 Mattioli Woods plc ("Mattioli Woods" or "the Group") FSA regulation of SIPPs Mattioli Woods plc (AIM: MTW.L), the specialist pensions consultancy, announcesit has received authorisation from the Financial Services Authority ("FSA") toestablish and operate personal pension schemes including self-invested personalpension schemes ("SIPPs") under the new regulatory regime, being introduced witheffect from 6 April 2007. Bob Woods, Executive Chairman, comments: "Mattioli Woods welcomes the regulation of SIPPs, and we are pleased to be oneof the first firms to receive this new approval from the FSA. This long overdueinitiative from the regulator will provide our clients with even greaterconfidence when selecting a SIPP as their preferred method of retirementplanning. "A much higher level of protection is afforded to clients through providersseeking this variation to existing FSA permissions, due to the significantlyhigher capital adequacy requirements. Our strong balance sheet has allowed usto obtain FSA authorisation without any additional funding requirement. "The increased capital adequacy requirements under the new regime have ledcommentators to speculate that some existing players may wish to exit thesector, creating further acquisition opportunities. "We believe regulation will underpin further growth in what is an alreadyrapidly expanding SIPP market." - Ends - For further information please contact: Mattioli Woods plcBob Woods, Executive Chairman Tel: +44 (0) 116 240 [email protected] www.mattioli-woods.com Ian Mattioli, Chief Executive Tel: +44 (0) 116 240 [email protected] www.mattioli-woods.com Nathan Imlach, Finance Director Tel: +44 (0) 116 240 [email protected] www.mattioli-woods.com Evolution Securities LimitedJoanne Lake, Corporate Finance Tel: +44 (0) 113 243 [email protected] www.evosecurities.com Media enquiries:AbchurchJustin Heath/ Helen Waggott Tel: +44 (0) 207 398 [email protected] www.abchurch-group.com Note to editors: Legislative key features • SIPPs will fall under the regulation of the FSA for the first time.Previously, the sale of the SIPP wrapper itself, and the way in which it wasadministered, were not protected by the Financial Services Compensation Scheme,nor did clients have recourse to the Financial Ombudsman Service if problemsarose. • SIPPs will be treated in the same way as other personal pensionarrangements and packaged products, such as investment bonds and collectiveinvestments. • All SIPP providers will be required to produce a 'key features'document prior to the sale of the SIPP itself, and issue a cancellation noticefollowing scheme establishment. Where appropriate, firms will be obliged tomake it clear to their clients that they are 'whole of market' advisers but alsooperate and recommend their own SIPP arrangement. Corporate background Mattioli Woods was established in 1991 by Ian Mattioli and Bob Woods. The Groupprovides pensions consultancy and administration services primarily toowner-managers, senior executives and professionals. Mattioli Woods' keyactivities include complex pensions consultancy, the provision of SIPPs andsmall self-administered pension schemes ("SSAS"), advice on related businessaffairs, including pension investment services and the facilitation andadministration of syndicated property schemes. Its focus is at the higher endof the market where clients require bespoke service and specialist advice. Mattioli Woods listed on the AIM market on 23 November 2005. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MTW.L