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Friends looks at single Sipps

Friends Provident is consider- ing a push into the individual Sipp market.

UK managing director Simon Clamp says the firm’s technological capability means it would be well placed to compete with Sipp providers. He adds that the business is attractive because it is less capital-intensive than other product lines.

He says: “We are particularly interested in how the individual Sipp market might move forward. We are not a player in that market at the moment but we are interested, given our other capabilities in this area, particularly group pensions and systems. We have been moving away from the more capital-intensive products, we see the future as capital-light products. We are considering how we might leverage our core competencies of corporate pensions and protection. We are currently thinking about whether we go down exploiting that individual Sipp opportunity.”

Hargreaves Lansdown head of pensions research Tom McPhail says: “If Friends cannot do capital-intensive business such as annuities and it is really good on technology, then it seems a logical step.”

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