The Press Office is responsible for managing Xafinity's image and reputation in the media - whether it's broadcast, print or online.

 

Media Releases

Read Xafinity SIPP and Xafinity SSAS related media releases here.

 

SIPP Capital Adequacy

After several years of consultation and debate, the new capital adequacy rules for SIPP providers are being implemented on 1 September 2016 by the FCA. 

 

SIPP Technical Bulletins

Keep up to date with various items of legislation and pensions news with our SIPP Technical Bulletins.

 

SSAS Technical Bulletins

Keep up to date with various items of legislation and pensions news with our SSAS Technical Bulletins.

 

Metro Bank

Xafinity use the banking services of Metro Bank plc for provision of pension scheme current accounts.  These are the accounts that facilitate payments for the SIPP or SSAS, enabling it to function effectively on a day to day basis.  While some money will be required to be held in this current account to enable the SIPP or SSAS to function, we do not encourage excessive balances to be held.

 

Protection

Like all UK banks Metro is regulated and closely monitored by the Financial Conduct Authority (FCA) and The Prudential Regulation Authority (PRA).   The FCA and PRA have strict capital requirements to ensure banks hold the necessary capital to ensure deposits are secure.

 

In the event of a UK bank failure balances up to a value of £85,000 are protected under the Financial Services Compensation Scheme (FSCS)

 

If you hold a balance in excess of £85,000 in any UK bank, including Metro, you may wish to place that money with another bank or investment provider in order to maintain full FSCS protection of your pension asset.  Your Xafinity SIPP or SSAS allows this, please contact your regular administration contact and provide details of the bank account you have selected.  There may be a set up and ongoing fees for this as set out in your SIPP or SSAS terms (these will have been provided when you set up your pension with Xafinity, are available from our website, or can be provided by your regular contact at our office).

 

Further information on Metro Bank

We are provided with updates from Metro that relate to press stories – you can view this here.