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Is Norwich Union right to say that too many people who would be better off in a personal or stakeholder pension have been put into higher-charging Sipps?Yes 60%No “I am surprised by this. I cert-ainly have not done this and I do not agree with what Norwich Union are saying.”

Garth Atherton, Thomas Beales

Yes Norwich Union is probably correct in some circumstances. I think a lot of people were setting up Sipps in the run-up to A-Day because residential property was going to be allowed in them. I am sure there are a lot of people out there with Sipps that were set up before A-Day that may not be so suitable now.”

Andrew Taylor, Taylor Financial Planning Malcolm Ford, David F King Associates

Yes “There is a temptation to that on some occasions. There is a problem with commission on the lower-charging pensions and you could argue that people should go into those other funds.”

Peter Hipwell, Pattison Lilley & Associates

Yes “I am sure this is something that does occur but I would never recommend a Sipp for amounts under 200,000 unless the client specifically asked for one.”

Brian Hatton, Hatton Financial Services

Yes “But I think this is probably true for IFAs that work on a commission basis rather than a fee.”

Harshed Soni, Howard Roark Finance & Insurance Services

Yes “Absolutely. A lot of IFAs have jumped on the Sipp bandwagon after the potential widening of the rules was closed.”

Antony Ransom, Antony Ransom Independent Financial Adviser

No “This is not a problem we have really come across. We do very few Sipps and only channel clients towards Sipps in special circumstances.”

Gary Stirling, Stirling Independent

No 40%Money Marketing welcomes readers’ letters for publication. Letters should be sent to: The Editor, Money Marketing, 50 Poland Street, London, W1F 7AX.


Let sleeping dogs lie

Make a cup of tea, sit down and prepare for a shock. Our research on the performance of funds in the Investment Management Association’s UK all companies sector shows that nearly three-quarters of them failed to outperform the FTSE All Share index over the last three years. We did the numbers again to check it wasn’t a fluke, this time over five and seven years. The figures were marginally better but only because of historical bias. Many of the dogs had been put to sleep and could not be included in our seven-year research.

DTI will remove audit requirements

The DTI has laid regulations to remove audit requirements for small regulated firms and appointed representatives after an FSA study. The new regime comes into force in November and the FSA estimates it will save firms £15.25m, with the biggest beneficiaries being financial advisers.

Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.


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