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Sipp gives people chance to make their own choices

Following Philip Rose&#39s comments about the launch of our Sipp (Money Marketing, May 16) I wish to clarify the position. Our Sipp will be a framework for investment. It is a wrapper, not an investment product – therefore not subject to the “better than best rules”.

Investment can be made to absolutely any collective or share available (within Sipp rules) – 4,000-plus holdings.

The Sipp will work on the same basis as our Vantage Isa which has more investment options than many other Isa supermarkets.

Recommending what may well be the cheapest Sipp available with significantly more investment options than most “select” Sipps and probably the best discounts on collectives, should not be a problem to justify, even if the better than best rules did apply.

Certainly this is more independent than just throwing clients into one of a number of insured funds with one provider, as many Sipp and drawdown advisers do.

If clients are grown up enough to make their own investment decisions when they want to, why not Sipp clients? If they want indepen-dent advice, it is available.

Danny Cox

Pensions development manager, Hargreaves Lansdown, Bristol


Euro Star

New Star has introduced the European leaders fund, an Oeic that invests in Europe excluding the UK.The fund was originally an institutional fund from World Invest, a company taken over by New Star. It was transferred across to the retail business because New Star&#39s existing European growth fund focuses only on small and mid-caps, leaving […]

Charging interest on overdue debts

Robin Hunter (Money Marketing, May 9) is correct in stating that IFAs may charge interest on overdue debts but I thought I would bring to your attention the changes to the Late Payment of Commercial Debts (Interest) Act 1998 that will come into effect in August.From August 7, 2002, UK businesses will benefit from new […]

Cliff Lockyer

Cliff Lockyer is aiming to challenge the traditional dominance of product providers by building Berkeley Berry Birch into a multi-channel distribution giant.He sees the end of polarisation as the catalyst for change which will give him the opportunity to set up a distribution network and establish a national brand.Lockyer describes his career in 10-year chunks: […]

Scottish Mutual chief executive steps down

Scottish Mutual chief executive Graham Pottinger is leaving the Abbey National group at the end of June. His departure follows a restructuring of the Abbey’s long term savings businesses. The businesses are being brought in to one division which will be headed up by Mac Millington who was formerly managing director of its business to […]

IHT: What were you doing in 2009?

One of the best sources of new business is your existing clients and, if they are estate planning clients, regular reviews are needed because people’s inheritance tax (IHT) problems tend to only get worse. Now, not a lot of things remain at the same rate as in 2009. If we turn the clock back, it […]


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