View more on these topics

Hornbuckle targeting Sipp investors with Vestra link-up

Pension firm Hornbuckle Mitchell has linked up with Vestra Wealth to offer Sipp investors access to the discretionary fund manager’s investment portfolio.

It is based on Hornbuckle’s single investment Sipp model, with its product wrapped round a Vestra Wealth portfolio.

Vestra will meet the £250-plus VAT annual Sipp admin charge for funds of £200,000 or more but investors will have to pay the Sipp set-up fee of £295 and any transactional charges, for example, if a client goes into drawdown.

Any funds worth less than £200,000 will still be required to pay the admin fee.

Hornbuckle Mitchell head of sales Stewart Dick says: “The way that the market is going, there will be a greater need for more investmentled propositions combined with proper Sipp functionality and flexibility.

“This deal means that we can offer a cost-effective Vestra proposition and if the client wants to do anything different in the future, they will not need to transfer to a different kind of plan.”

AWD Chase de Vere head of communications Patrick Connolly says: “There are many investors who do not have the right level of resources and knowledge to make their own investment decisions.

“As a result, there will be much greater use of discretionary investment management services in the future. I think it is a sensible step forward for Sipp providers like Hornbuckle to set themselves up to cater for that.”

Recommended

1

FSA: Regulating B2L would be beneficial

Regulating the buy-to-let market alongside the residential mortgage market would be beneficial, the Financial Services Authority has claimed. At the Council of Mortgage Lenders’ Mortgage Industry Conference and Exhibition today, Sheila Nicoll, director of conduct policy at the FSA, told delegates: “It is a matter for the government to decide whether we should regulate buy-to-let. […]

Pensions Bill set to become law

Government plans to accelerate the increase in the state pension age are set to become law after a last minute Labour attempt to push back the changes was defeated in the House of Lords. Last month, ministers put forward revised proposals for increasing the state pension age to 66 which mean no individual will have […]

4

MPs attack Bank of England for not releasing crisis documents

Treasury select committee chairman Andrew Tyrie has called on the Bank of England to reconsider his request to release minutes from meetings relating to the financial crisis. The TSC asked members of the Bank’s court at a committee session in March to provide a copy of an internal review into the Bank’s handing of the […]

FSA and OFT concern over new wave of PPI products

The FSA and the Office of Fair Trading have warned insurers, banks and distributors about developing alternative payment protection insurance products which pose the same risk to customers as PPI. The FSA and the OFT have today published a joint guidance consultation on payment protection products such as short-term income protection and debt waiver options […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment