Mary Stewart, Hornbuckle Mitchell: "The whole ethos of self-investment is that the member is in c...
Mary Stewart, Hornbuckle Mitchell: "The whole ethos of self-investment is that the member is in control of the fund, making it a very ‘hands on' style of pension. In this environment, providers who do not give good service get noticed and are unlikely to survive long-term. The rapid growth of the SIPP market and the dawn of regulation has certainly driven up standards. We have invested in a sophisticated system that allows our team supervisors to monitor individual tasks to ensure they meet our published service standards - which they do 99 per cent of the time. But I am still amazed by the number of SIPP providers who do not disclose service standards. Given the importance, we believe IFAs would be keen to see these before deciding to place business."
Andy Leggett, Suffolk Life: "Some sort of average across all providers is not useful for advisers or clients. What matters is the service they are actually getting from their chosen provider. In the last few months there have been stories of service failures at particular providers.
"This really goes to show why we at Suffolk Life constantly reiterate the importance of good service - and that it is sustained. When a provider suffers a major service failure, advisers and clients will find themselves with an unattractive choice: stay, and you continue to suffer the effects of poor service; leave, and you suffer one final round of poor service with your transfer out (worse if it's a transfer out in specie). It just underlines the importance of making the right choice in the first place and of taking these implied costs into account when examining the fees."
Acquisition completed earlier this month.
Changes to take place by next year
Launched 18 November
Investment Association to create new labels