Preparing for Brexit: Considerations for SIPP Operators

Accepting that Brexit is a malleable and fast-moving beast, we have attempted to list in the attached update some Brexit considerations for Sipp operators, in particular in the event of a no-deal.

There are two documents that comprise this update; firstly, some narrative and secondly a table (in PDF and Excel) that lists a range of potential items which, in our view, could be relevant to a Sipp operator. As mentioned in the update narrative, this is not an exhaustive list, rather is a starting point for firms to consider. 

We hope this is useful in the first instance. We cannot promise to be able to answer any questions arising, however please feel free to contact us nonetheless in respect of the content of this update, whether questions or observations.

For reference, in preparation for a FCA ‘Brexit’ forum being held next week for trade associations, we have raised via the Association of Professional Compliance Consultants a concern/question for the FCA in regard to whether there will be any flexibility on the part of the regulator in the event of financial resource requirements increasing, for example where current standard regulated funds become non-standard due to illiquidity post Brexit (assuming a worst-case scenario).