The number of SIPPs sold directly is rising meaning more consumers are making pension decisions without the help of an adviser, warns SIPP provider James Hay.
Research by the group shows one in eight providers does more than a quarter of its SIPP business directly with consumers. This presents a threat to intermediaries who traditionally have recommended the pension products. Chris Smeaton, propositions and e-commerce manager at James Hay, comments: “Over 90% of our business comes through IFAs and professional intermediaries. "We would urge investors to seek out professional advice before committing to purchasing a SIPP directly.” James Hay says the trend raises fears that people buy SIPPs they do not need because of aggressive marketing. ...
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