Do you expect further consolidation in the SIPP market?

James Hay: The SIPP market will definitely become more competitive over the next few years which will put further pressure on providers' margins and inevitably lead to consolidation. In terms of choosing provider, advisers should be looking closely at financial strength as only the strongest will have the resources to continue to invest over the long term. Mary Stewart, Hornbuckle Mitchell: "We think consolidation is inevitable given the growing competitive pressures, tightening of the regulatory environment and increased capital adequacy requirements. Smaller scale operators who cannot ...