Challenges facing SIPP providers and the implications for advisers

When Nigel Lawson rose in the House of Commons to deliver his Budget speech in 1989, the then Chancellor of the Exchequer surely never imagined the self-invested personal pension (SIPP) market would grow to its current size. Industry professionals suggest there are now more than 1.7 million SIPPs in existence, with much of the recent surge in the market's growth attributed to the increased number of defined benefit transfers. Lawson's proposal - "to make it easier for people in personal pensions to manage their own investments" - was well-meaning and introduced the concept of putting ind...