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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.”

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