Six-in-ten financial advisers have been wrong-footed by unexpected self-invested personal pension (SIPP) costs in the past 12 months, according to SIPP provider Momentum Pensions.
Its study of 107 advisers found 60% had clients who had been hit by surprise SIPP charges, while a greater number (79%) would support action by the Financial Conduct Authority (FCA) to make sure providers publish charges more transparently. Almost half of advisers claimed the new capital adequacy rules introduced last September, have increased charges for standard assets. About three-quarters claimed they have pushed up charges for non-standard assets in SIPPs. Meanwhile, FOS data released on Tuesday morning showed SIPP claims were on the rise: The FOS received 1,574 SIPP complaints o...
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