Has Peter Hargreaves found the only viable future for the entire industry?
We are an industry of diversity. Some businesses operate on indemnity commission and some avoid it like the plague. It is for the clients to decide which suits their preferred method of payment. To say that one form of payment is wrong to such an extent that it will bring about Armageddon and massive missed opportunities is just wrong.
If indemnity commission prevents Sipps from being recommended, is a Sipp the right product for that client in the first place? If it is right, but not sold, then eventually matters will correct themselves via the complaints system. Let us not try to bully one person’s view on the rest of the industry. After all, Sipps are not here today and gone tomorrow. They will be around for a long time so it is bit quick to bemoan lost opportunities.