On December 1, 2022, the FCA published a policy statement (PS22/15) setting out its final rules to improve the outcomes of consumers saving into non-workplace pensions (NWPs). NWPs include such non-advised savings vehicles as SIPPs.
  
Under the new rules, firms will be required to offer consumers investing in NWPs, and who find it difficult to make investment choices for their savings, a default investment option and also to warn savers about the risk of inflation eroding the value of significant and sustained levels of cash holdings. 
  
The final rules come into force on December 1, 2023. Although firms have 12 months to implement the rules, the FCA encourages providers to send warnings now, given the current levels of inflation that will diminish the real value of cash funds.