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IFAs fear providers are not ready for new Sipp powers

More than a fifth of IFAs believe their main Sipp provider will not be ready to accept protected rights when the new powers come in to play this week.

A survey by Merchant Investors also shows that 36 per cent of advisers anticipate administrative problems from Sipp providers accepting protected rights’ cash from October 1.

Most Sipp providers have yet to confirm whether or not they can now accept protected rights’ monies, which explains why so many pension advisers are expecting to encounter administrative complications, says Merchant Investors.

Head of sales and marketing Richard Ellis says one in five advisers expects Sipp charges and costs to increase as providers adapt to the changes.

Ellis says: “Providers may need to make extensive upgrades to their systems which could prompt the increase in charges and admin difficulties that IFAs are anticipating.”

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