The FSA has published its business plan for 2010/11.

It is going to be a busy year for the regulator, with Hector Sants stepping down as CEO, continued delivery of the policy agenda mandated by the EU through Solvency II which is the FSA's largest ever project, recruitment of more staff and potential political changes. Against this backdrop, there are five main aims for the coming year with the regulator looking to deliver:

• Financial Stability
• Market Confidence
• Consumer Protection
• Reduction in Financial Crime
• The FSA's Operational Platform

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Following the introduction of Energy Performance Certificates ("EPC") for commercial property there has been uncertainty as to whether,on an in-specie transfer of property between two SIPP Trustees ,the outgoing SIPP Trustee must provide an EPC to the new trustee.

Following guidance and comment from the Department for Communities and Local Government in relation to potential exemptions and confirmation from the Landmark EPC Helpdesk,the position is that an EPC is not required for an in-specie transfer between SIPP Trustees provided that the member remains the same and there is no payment or other consideration for the transfer of the property other than an undertaking by the incoming SIPP Trustee to pay pension benefits.

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Following the announcement in the Budget last year that legislation would be brought in to restrict higher rate tax relief on pension contributions for high earners, members of the AMPS committee have been involved in attending Treasury consultation meetings and industry workshops on this topic.

A formal Consultation Document entitled 'Implementing the restriction of pensions tax relief' was issued by the Treasury in December 2009 with a response date of 3rd March 2010.

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The FSA have published their business plan for 2009/10.

Against a backdrop of public and governmental scrutiny, recriminations and admissions that the FSA took their eye off the regulatory ball, in particular regulatory policies and supervision on capital adequacy, not surprisingly, the FSA will focus on prudential and conduct risks, in particular the role of senior management in firms. More than ever, Senior Management Systems & Controls will be scrutinised to ensure all senior management are conversant and engaged with risk management.

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I raised this problem at the request of a client (also an AMPS Member) at the last HMRC PSS Customer Forum at the end of November 2008. As is their wont, HMRC asked me to come back with more figures - I had already given them some - to illustrate the scale of the problem. As with other Govt Depts, it seems they will only treat a problem seriously once they become convinced a lot of people are affected.

Have any other AMPS Members experienced problems with transfers of pre-A Day property SIPPs? If you have, please can you estimate what percentage of your potential or actual clients have been affected?

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The FSA has published its review of pension switching based on 30 firms and 500 transfers to personal pensions/SIPPs conducted since A-Day; this represented approximately 10% of transfer cases. Concerns were raised on the suitability of advice from advisers; comments were also made on Provider's actions.

Dealing first with advice issues, the FSA found unsuitable advice in 16% of the cases reviewed. Of course, one can conclude that 84% must have been acceptable, however the advice deficiencies included extra product charges not being justified or explained properly, loss of benefits from the ceding scheme, client attitude to risk not being matched to investments and the need for ongoing reviews not being covered - all basic stuff.

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