Half of advisers believe charging transparency has improved since SIPPs became regulated, according to research by Skandia.
Skandia says the results show April’s SIPPs regulation has provided the industry with the transparency it demands.
The survey also shows 43% say client confidence in SIPPs has improved while 52% have not seen a change.
A total of 44% say the ability to compare SIPPs to other types of pension has not improved while 47% believe it has.
However, regulation has come at a cost for some advisers. Almost a third says that the amount of time spent on compliance and administration has worsened under the new regime.
A total of 90% count the level of control over investment strategy as important feature in making the products attractive to clients while 44% say the comfort of SIPPs regulation ranks highly.
Almost 60% count price as important, compared to 55% who say the ability to hold commercial property as an investment is important and 20% who rank the ability to hold other unusual types of investments such as art and wine the highest.
Nick Bladen, head of pensions marketing at Skandia, says: “In today’s world more and more people are demanding transparency in the financial products that they choose to buy. With the thrust provided by the retail distribution review, this movement is going to apply across the board and that includes SIPPs.
“We have always said that SIPPs should be placed on a level playing field with other types of pension, and that advisers should be able to fairly compare them against other choices so that they can determine what type of pension best suits each individual client’s needs.
“Clearly regulation has improved that, which is good news, although there is still some way to go. Extending regulation across the board, from pre-sale projections to post-sale disclosure, is the only way to truly achieve that.”
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