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James Hay warns of inappropriate Sipp investments

James Hay is warning of the rise of “off the page” Sipps, expressing fears that people who don’t need Sipps are taking them out as a result of aggressive marketing.

Research in conjunction with Pensions Management shows one in eight providers do over a quarter of their SIPP business directly with consumers, raising the possibility of a rise in non-advised pensions investment decisions.

James Hay propositions and e-commerce manager Chris Smeaton says concerns remain that people are investing into Sipps inappropriately.

He says: “Since A-Day, the rise in commoditised Sipps has lead to the proliferation of ‘Diet Sipps’ – Sipps with low charges offering limited functionality.”

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