SIPP applications received in June by SIPPcentre were up 62% on the same period last year, parent firm A J Bell announced today.
Total applications received in Q2 were 42% higher than in 2007 which shows SIPP business is booming despite volatile market conditions.
A J Bell attributes the rise in business to advisers and clients reaping the benefits of transparent low cost charges, the ability to accept protected rights, on-line functionality and access to a range of investments including multiple fund supermarkets.
Billy Mackay, marketing director at A J Bell, says: "As you would expect the current conditions are encouraging investors to be very careful about how they invest their money.
“These figures show that there is still huge appetite for clients and advisers to review existing arrangements to get increased investment choice and service at the best possible price. It also shows that SIPPs are suitable for investors in all market conditions."IFAonline
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