Providers are calling for Sipps to be renamed as member-directed pension schemes after A-Day amid concerns that the name confuses investors.The Sipp Provider Group is behind the move and is set to merge with the Association of Pensioneer Trustees and rebrand as the Association of Member-directed Pension Schemes. It believes some investors do not realise the product is a personal pension and think it is designed to invest in people’s own businesses. Dissenting voices in the SPG, including Suffolk Life sales and marketing director John Moret, believe member-invested pension schemes, or Mips, would be a catchier alternative. Not all in the industry welcome the idea at a time when Sipps are more high profile than ever. Standard Life marketing technical manager John Lawson thinks the idea is bizarre and says Standard is highly unlikely to rebrand its Sipp , which has taken 1bn in the nine months since launch. Standard estimates this equates to between 40 and 50 per cent of all new business in the Sipp market this year. Lawson says: “After A-Day, it is still a pers- onal pension and self-invested so what is the point?” Central Financial Planning director Ian Smith, a member of the SPG, says: “The rationale is that self-investment has connotations of investing in your own business whereas member-directed should be clearer. Most people know them as Sipps so you are not going to change that overnight.”
Two or three multi-ties will dominate financial services, according to Thinc Destini’s group chief executive Simon Chamberlain. Speaking at the multi-distributor’s inaugural conference in Wales last week, Chamberlain said he believes there will be a rise of white-labelling agreements between com- panies acting in the style of commission clubs. Thinc Destini is in the process […]
UK house price inflation is down to 4 per cent, its lowest since 1996, according to the OPDM.The Royal Institute of Chartered Surveyors notes that the Q2 inflation rate has dropped from 14.3 per cent last year, saying the market has been slowing for almost 12 months. House prices have risen 170 per cent since […]
Skandia Life’s board offered a vision of a promising future as an independent company as one of its prime reasons for rejecting Old Mutual’s 3.1bn takeover bid this morning.Although Old Mutual’s offer has been judged as financially fair by independent assessor ABN Amro, Skandia Life says the combination of Old Mutual and Skandia lacks industrial […]
British justice is founded on the principle that we are innocent until proven guilty. A similar principle guides the application of inheritance tax law to pensions.
Click link to view full video Portfolio manager Aziz Hamzaogullari talks about the unique style he brings to growth investing, shares examples of companies that meet his growth criteria and explains the importance of fundamental research in a concentrated fund.
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Aviva has triggered a five day platform blackout as it moves to new technology. The platform will be unavailable from 6pm on Wednesday 17 January through to Monday 22 January while the provider manages its transition onto an updated system run by technology provider FNZ. The downtime will affect Aviva’s investment platform only, but other adviser […]
JLM Mortgage Services has launched the first stage of its new ‘robo advice’ service. The mortgage and protection network claims it is the first network to launch such a tool to its members. The Virtual Adviser will allow member brokers to offer an online service to residential and buy-to-let customers. This service will offer an […]
Providers should listen closer to advisers and consumers when deciding what initiatives will work