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Regulation set to boost Sipp sales

More than eight out of 10 of advisers believe the introduction of Sipp regulation next April will make the market more attractive.

A survey by Skandia, which interviewed 465 advisers, found that 83 per cent expect the onset of regulation to bring a boost to the self-invested personal pension market.

Skandia also asked advisers what features they consider important when choosing a Sipp, with investment choice being ranked as very important by 64 per cent of advisers.

Pensions marketing manager Nick Bladen says the results provide a strong indication that advisers will drive more business through Sipps after regulation starts.

He says a key benefit of Sipp regulation will be the new disclosure rules which will enable advisers to more accurately compare Sipps with other products on the market. He says while charges for the sale of the Sipp wrapper itself are transparent, the charges for the underlying investments in the Sipp are often opaque.

Bladen says: “Regulation must allow advisers to compare products across the whole market. That way, comparisons will be truly fair and advisers will be in a position to give the most appropriate advice for their clients.”

Andy Bell, managing director of AJ Bell and Sippdeal, which carries out administration for the Skandia Sipp, says: “Regulation will bring Sipps in line with the rest of the pension marketplace. Over the next nine months, as advisers and providers, we now need to concentrate on making sure we are ready to adapt to the new regulated world.”


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