Providers flooding SIPPs with insured funds - James Hay

That is the view of UK SIPP provider James Hay, which says using the SIPP in this way can be “restrictive” and “certainly does not make the best use of a SIPP product”. The firm, wholly owned by Abbey, says analysis of the Pensions Management SIPP Survey shows a trio of major providers with over 70% of SIPP assets held with in-house insured funds. It says this suggests these firms are using SIPP structures to sell in lucrative internally-managed funds business, and that these SIPPs are little more than insured personal pensions. Chris Smeaton, propositions and e-commerce manager at James...