James Hay: The SIPP market will definitely become more competitive over the next few years which w...
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 spread rising costs across a large number of schemes are likely to see margins eroded. As sales of personal pensions dwindle, life companies remain keen to build their positions in the expanding SIPP market. We may also see specialist SIPP providers come together to promote the benefits of truly flexible, ‘member-directed' SIPPs against the more restrictive ‘personal pensions in drag' plans often marketed by the life companies."
Joined as head of strategy, multi asset, in June
Group income protection
Nine in 10 do not have income protection
Set to become part of Single Financial Guidance Body