The ABI and Association of Member-directed Pension Schemes (AMPS) have published a guide to help SIPP providers communicate more effectively with customers and their advisers.
The Good Practice Guide for SIPP Providers is intended to ensure firms properly outline the key features and charging structure of their products.
It contains best practice examples of how to construct literature for both clients and advisers.
Model definitions of common SIPP terms are also included, along with an example of how charges should be set out in a menu format.
Maggie Craig, acting director general of the ABI, says: "With SIPPs becoming an increasingly important part of the pensions landscape, it is vital that advisers and consumers fully understand what these contracts do, who they are appropriate for and how much they cost."
However, John Moret, marketing director at Suffolk Life, says he is surprised the guide did not touch on some other important areas of SIPP documentation.
It is surprising no more guidance has been provided on illustrations given comments from previous FSA reviews," he adds.
"It is expected that there will be greater requirements for disclosure of interest rates payable to investors, which Suffolk Life fully supports."
The guide is available for download from the ABI website.
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