SIPP fees have fallen by up to 11% over the last few years as competition drives prices down - but new FSA rules could limit further reductions, says Defaqto.
According to the latest report by the independent research company, the average set-up and annual administration fee for SIPPs have fallen for most fund sizes. Over the last three years, the combined fee for a £50,000 investment has decreased 11.1% from £675.41 to £600.11. Increased competition is driving the downward movement in charges, says Defaqto, with customers with larger investments gaining most. "It is noticeable a number of providers base their set-up fee on a percentage of the investment and they may feel some pressure to taper the percentage charged for larger investmen...
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