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Ban faces Sipps in drag

Hornbuckle Mitchell managing director Neil Marsh slammed some life office Sipps, branding them “personal pensions in drag” and claiming the FSA will ban them.

He said the boundaries are being blurred and some life offices offering so-called Sipps are not offering the full range of flexibility but using the Sipp name. He believes this practice could be banned once Sipp regulation comes in next April.

Marsh said: “You have to question whether some offerings are not just personal pensions in drag. It will be interesting to see how the market develops after regulation and whether firms can call a product a Sipp when it is not.”

Origen Financial Services director of business development Michelle Cracknell says: “We need to start differentiating between different types of Sipps. The question is whether this is done through regulation or education.”


Newcastle extends product range

Newcastle Building Society has added a three-year stepped discount product and a two-year fixed product to its mortgage product range.The discount mortgage offers an annual discount from 3 per cent to 1 per cent on the building society’s current standard variable rate until the end of January 2010.Both products have a minimum loan of £15,000 […]

360 Warning of identity fraud

360 is warning advisers about identity fraud after three adviser firms and two providers reported fraudsters targeting them by using details found at Companies House.

This week in Mortgages

Anyone with an interest in the mortgage market could not have failed to have noticed the wave of publicity that followed Abbey’s announcement earlier this week that it is to offer income multiples of up to five times a borrower’s salary.

NU boosts sales as service improves

Norwich Union claims its strong sales figures in the UK in the first nine months are largely down to improved service standards. Parent group Aviva figures show total worldwide sales rose 22 per cent to £22,718m from £18,601m in the same period last year. NU’s UK life and pension business grew by 31 per cent […]

Tax year-end planning for annual allowance

Last tax year-end there was a lot to think about in relation to planning. The introduction of the tapered annual allowance and the implications of moving to a fixed pension input period, the reduction in the lifetime allowance and potentially applying for protection, and the concern about changes to tax relief, to name a few. […]


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