Self-invested personal pension (SIPP) providers will have to start charging for due diligence because offering it for free is unsustainable, Rowanmoor has warned.
From 1 April, the SIPP provider is introducing a fee for due diligence and ongoing work on complex direct investments. The one-off upfront fee of £500 and ongoing annual fee of £150 includes checks on the provider of the investment and its directors, obtaining the asset title, and verifying ownership will not give rise to any tax charges on any unacceptable liability or risk. The Embark Group-owned provider told Professional Adviser that, despite the increase in fees, its due diligence process was not changing. A spokesperson explained it had applied Embark's due diligence process sin...
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