FundsNetwork pans so-called 'open' SIPPs

Based on Defaqto data, the firm says up to one in every eight providers of the specialist pension products still require a minimum investment into insured funds. It says investors should be “free to choose” where they invest their SIPP and take advantage of the benefits an ‘open’ SIPP offers. In addition, FundsNetwork says “anecdotal evidence” suggests advisers are failing to see any benefits for their clients as, in some cases, as much as 54% of their money can go into insured funds. According to Defaqto data, SIPP investors with providers such as AXA, Friends Provident or Zurich can ex...