There has been much discussion about what constitutes a SIPP and whether some of the products in the market should be called SIPPs - what is your view on this debate?
‘A rose by any other name....'. It seems since A Day the vogue is for everything to be called a SIPP. Even before that we had deferred SIPP, now we have full SIPPs, hybrid SIPPs, fund supermarket SIPPs, low cost SIPPs, no cost SIPPs. All of which is really interesting but not particularly helpful for customers or advisers. Although I'm all for innovation, and not against a little marketing spin (particularly if it makes people sit up and take notice of pensions, where I struggle is when the innovation / marketing hide the reality of what is going on under the (product) bonnet. Providers have a duty of care to advisers and customers alike to ensure that they are open, honest and transparent about what there product does / does not do and what the costs are. Free SIPP anyone?
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Growth driven by platform business
No preferred charging model
To 1,552 families and businesses
HL and Liberty SIPP slowest
Lifetime and annual allowances