The Federation of European Independent Financial Advisers says it can offer help to international adviser firms which have had their requests for Sipp business rejected by providers.
FEIFA chief executive Paul Stanfield says the trade body has assisted member firms in accessing UK Sipp products and there are still providers out there which are happy to work with non-UK players.
The comments come after Money Marketing revealed last week that firms, including Hornbuckle Mitchell and Curtis Banks, were no longer accepting the business due to compliance concerns. Other firms, such as AJ Bell and The IPS Partnership, say they have not been accepting Sipp business from international advisers for the last 18 months due to similar concerns.
Stanfield says he understands the concerns of providers but suggests they should be willing to do business with adviser firms that are members of the FEIFA.
He says member firms are vetted for corporate governance standards and a list of members is available online.
He says: “I do understand that providers have to be careful that they are getting business from appropriate sources – that is where an organisation like ours fits in. To be a member firm of FEIFA, you need to be a regul-ated entity so first and foremost there is that aspect with it.
This provides a certain amount of comfort.”
Stanfield says one firm that specialises in providing Sipp business to international advisers is Brooklands Pensions, which also offers inheritance tax planning solutions.
He says: “It is a bit of a shame because we have worked towards having a single European market for providers. But if companies want more direct assistance and direct opportunities, they should partner with us.”