A-Day led to 'challenging' SIPP market

JLT says the changes have turned SIPPs into “just another form of personal pension", causing investment, resource and time strains. Duncan Howorth, managing director of JLT, says: "SIPP providers are increasingly having to operate like life assurance companies, with financial and operational controls, product suitability, treating customers fairly (TCF) all very real." He says the evolution of SIPPs has moved market share and advantage to mainstream providers, with life companies and larger independent SIPP providers better positioned to deal with regulation challenge. Andrew Leggett, ...