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Clarification of Sipps needed

Leading IFA John Fox has called for the imminent clarification on the definition of Sipps, following the Government’s changes to protected rights today.

Fox, director of Liberty Pensions, says: “I think that the word Sipp should be clarified once and for all and be protected by law like other generic products like Champagne, Parmesan Cheese and Melton Mowbray pork pies”.

A Sipp should provide full freedom on investment within the guidelines of HMRC; people should not be restricted to tied funds, associated banks and limited collectives within an online easy to operate platform; fees should be completely transparent and not come with an asterix which can only be understood by a dedicated small print search, Fox explains.

He adds that he recently spoke to a customer who told him that they thought all they could do with Sipp was invest in stocks and shares. “This is not a surprise given the way that some companies have been able to shape public perception,” he says.

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