SIPP providers have cut fees by 13pc in the last year because of increasing competition from rivals, data research company Defaqto said.
Downward pressure on administration and investment transaction fees has pulled prices down according to the company, and it believed the trend showed no signs of abating. Matt Ward, Defaqto’s group head of pensions and wealth management, said: “SIPP providers have historically not been under much pressure to reduce charges, but now the tide has turned every penny counts and value for money needs to be proven.” Defaqto’s report revealed average set-up fees for initial investments of £50,000 have fallen from £306.23 last year to £266.57, while for larger sums prices have also dropped, b...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes