Sipp firms impose property managers on savers

Property-Commercial-Real-Estate-Building-Mortgage-600x385.jpg

Standard Life and James Hay are imposing strict rules, including compulsory property managers, on customers who hold property within a Sipp.

The providers require a property manager to be involved even if the Sipp member is also the tenant.

A Standard Life spokeswoman says customers must use DTZ, Lambert Smith Hampton or CBRE as manager.

Members must also use Aviva as the block insurance policy provider.

A James Hay spokeswoman says while members can self-manage in some legacy products, an agent will be appointed for modern plans.

AJ Bell requires a property manager, but it can be the Sipp member.

Rowanmoor, Suffolk Life, Talbot & Muir, Dentons, and Xafinity do not impose a property manager.

Xafinity head of business development Jeff Steedman says: “Most clients like to have choice over their Sipp matters and this includes property management and insurance.

“We continue to allow them the option to choose their own solicitor for legal work, their preferred Royal Institution of Chartered Surveyors [firm] for valuations, their own bank for Sipp borrowing.”