IFAs being cut out of SIPP market - James Hay

Research by the group shows one in eight providers does more than a quarter of its SIPP business directly with consumers. This presents a threat to intermediaries who traditionally have recommended the pension products. Chris Smeaton, propositions and e-commerce manager at James Hay, comments: “Over 90% of our business comes through IFAs and professional intermediaries. "We would urge investors to seek out professional advice before committing to purchasing a SIPP directly.” James Hay says the trend raises fears that people buy SIPPs they do not need because of aggressive marketing. ...