Standard Life has bowed to adviser feedback and scrapped plans for a £750 charge to clients who transfer out of its SIPP within a year of the plan being set up.
The charge was announced in September and due to start in January 2011, but Standard Life announced today it has dropped the controversial penalty. "After actively seeking adviser feedback, we have taken immediate action and decided not to introduce this charge as we had planned from January," says Alistair Hardie, head of SIPP at Standard Life. "Instead, we will continue to monitor activity using our free consolidation service and deal with this on an individual basis." In communications to advisers, Standard Life says it had introduced the charge to "deter a small number of clien...
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