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FundsNetwork to take applications for protect rights Sipp transfers in September

Fidelity FundsNetwork will accept applications for clients who wish to transfer protected rights into Sipps from mid-September.

FundsNetwork will also offer business illustrations for protected rights transfers the week before the changes in regulation come into force on October 1.

Head of fidelity FundsNetwork David Dalton-Brown says: “The new regulation couldn’t have come into force soon enough. Investors will no longer have to suffer the frustration of having to split out non-protected rights funds or avoid transfers with any elements of protected rights.”

He adds: “For advisers, there is the prospect of up to £100bn of pension money up for grabs, as many investors take the opportunity to review their old plans.

“This could lead to a significant flow of funds from older style plans into more modern vehicles such as Sipps.”

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