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Alliance Trust suspends sales of Full Sipp

Alliance Trust is to temporarily suspend sales of its Full Sipp from Friday, with advisers suggesting that it may not return to the market.

The firm says the move will allow it to focus on strengthening the service it provides its 7,000 existing Full Sipp clients. The product will be off the market until further notice.

Alliance Trust is best known for its Select Sipp, which is sold direct to consumers, as opposed to the Full Sipp, which is distributed through advisers.

The Select Sipp, which represents around half of the firm’s pension sales, will continue to be sold as normal, as will its Select Isa and investment plan.

A spokesman says: “Alliance Trust will cease to take on new Full Sipp members to allow us to focus on strengthening the admin service we provide to our existing Full Sipp pension members until the completion of our improvement work.

“We will continue to provide a full and comprehensive service to our existing Full Sipp pension members.”

Syndaxi Chartered Financial Planners managing director Robert Reid says: “I am not entirely surprised because its service has not been of good quality for some time and I would not be surprised if it did not come back into the Full Sipp market.”

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