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Over half of advisers confused on Sipps

Over half of advisers are confused about the effects of recent Sipp regulation, according to research from Merchant Investors.

Of the financial advisers polled in the weeks after regulation began on April 6, 58 per cent say they felt in the dark about the regulatory changes.

Confusion over which Sipp products and providers are now subject to regulation is also high.

When asked, 39 per cent of financial advisers correctly identified that trustee-based Sipps became regulated in April 2007, however 43 per cent were unaware that providers of insured-based Sipps have been regulated by the FSA for some time.

Results also show that the new regulatory regime is not yet leading to greater awareness of the differences in Sipp products.

More than 65 per cent of financial advisers are unclear about what assets a hybrid Sipp can hold and 64 per cent are confused about the differences between insured-based Sipps and other Sipp structures.

In addition, over a third of advisers are unclear about the opportunities offered by a trustee-based Sipp – the UK’s most commonly sold Sipp.

Merchant Investors head of compliance Tim Fox says: “Regulation brings with it a smoother running market, and of course affords greater overall protection and levels of disclosure for clients, but the varying Sipp structures can seem confusing so it is no wonder some advisers feel in the dark. With regulation putting Sipps in the spotlight it is a great opportunity to broaden market knowledge.”

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