The FSA needs to do its own work to ensure clients receive good pensions advice following its criticism of adviser firms last week, Skandia says.
Following an FSA report, which suggested some advice firms were unnecessarily switching clients from a personal pension into pricey SIPPs, Skandia says most advisers recognise that SIPP are not suitable for the majority of their clients. A survey commissioned by Skandia indicated most advisers believe a personal pension offers sufficient investment flexibility for most savers. The research revealed that around 71% of advisers say less than one in four of their clients would be suitable for a SIPP recommendation. A further 22% said up to half of their clients might need the flexibility...
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