A-Day SIPP rules trap pension investors

Hornbuckle Mitchell says clients keen to transfer to a better deal cannot proceed because they must comply with the stricter borrowing rules. A-Day changes to maximum borrowing mean SIPP investors who could previously borrow up to 75% of their SIPP’s value can now borrow just 50%. Neil Marsh, managing director of Hornbuckle Mitchell, says the only customers exempt from the rule are those forced to transfer because their SIPP provider is no longer authorised in the new regulated regime. He says: “It seems extraordinary that the design of the rules trap those clients getting shoddy service...