Nottingham-based advisory firm Investment Sense has launched a web service that enables advisers and consumers to rate their Self Invested Personal Pension (SIPP) purchases.
The service, called SIPP Chat, has been designed to resemble TripAdvisor, the hotel and excursion review site. It provides an opportunity for the end user to rate and comment on their SIPP.
Three categories of people can use the service: IFAs, DIY investors or advised investors.
They can rate their SIPP provider according to service and value for money and leave comments, which are moderated and can been seen by anyone that visits the site.
Marketing manager at Investment Sense, Phillip Bray, said: "We expect the service to generate more traffic to our website, increase our profile and help people make better SIPP decisions.
"While there are ratings systems for SIPPs, these are primarily based on due diligence questionnaires completed by SIPP providers themselves.
"We want to hear what users of SIPPs, and by that we mean investors and other advisers, think about SIPP providers."
Bray (pictured) continues: "It's only after you've used a SIPP provider that you know how good they are, whether they offer value for money and whether you would recommend them to others."
Development of the service, by web technology firm Code Potato, took three months and it has just gone live.
Investment Sense plans to launch a second web service in May that will help people locate the right SIPP.
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