Dramatic change in the SIPP market is having a profound effect on providers. Greg Kingston says advisers need to do their due diligence to make sure they choose a provider able to meet these challenges.
By the end of 2011 there were in excess of 800,000 Self Invested Personal Pensions (SIPPs) spread over 110 SIPP providers, with just one increasingly concerned regulator charged with their oversight. For some time it has been clear that the SIPP industry is changing dramatically with more consolidation, increased regulation and pressure on the bespoke end of the market. For much of this advisers have kept a watching brief but this is changing in 2012. Regulatory pressure As well as all their own Retail Distribution Review (RDR) preparations, advisers will also be preparing for thos...
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