Seven Investment Management is exploring launching a Sipp on its own platform, Money Marketing can reveal.
The business is in the early stages of developing the product and platform head Verona Smith tells Money Marketing a launch is not expected for another 12 months. The business is yet to apply for FCA permissions.
However, Smith says the development of an own-branded Sipp was prompted by feedback from advisers and the platform trying to make its processes “as streamlined as possible”.
She says the platform will continue to work with the other providers whose Sipps are currently offered through the platform.
Altus Consulting senior consultant Ben Hammond says the new Sipp would be a good addition to Seven IM’s platform.
He says: “Nine to 12 months is probably a timeline for going out and finding the right partner. Maybe launching a simple Sipp to start with and getting [the partner] to do the complex stuff in the future. From those timelines it sounds like it could be a well-integrated product.”
Hammond adds: “I wouldn’t say [Seven IM] are late to the party. There are quite a few out there, especially some of the technology providers, who do not have a Sipp just yet.”