ABI/AMPS launch Sipp guidance
Share
The Association of British Insurers and the Association of Member Directed Pension Schemes have launched a new good practice guide for Sipp providers.
The guidance gives providers examples of writing customer and adviser literature to ensure that the types of Sipp, their features and their charging structures are described clearly and accurately.
It gives model definitions of the most important terminology used within Sipps and states that providers should clearly set out all the charges associated with Sipps, in a simple menu format.
ABI acting director general Maggie Craig says: “With Sipps becoming an increasingly important part of the pensions landscape, it is vital that advisers and consumers fully understand what these contracts do, who they are appropriate for and how much they cost.
“This guidance will help to ensure that the product is understood better by customers and advisers and that it is targeted at those for whom it is an appropriate long-term savings vehicle.”
AMPS committee member Martin Cadman says: “This guidance has been agreed following extensive consultation with AMPS, the ABI and other interested parties.
“We want to ensure that consumers and advisers understand what Sipps do, who they are appropriate for and how much they cost. We believe that this guidance goes a long way towards achieving this and we will be working with our members to implement it in full.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
