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Sipp sales soar at AJ Bell

AJ Bell says Sipp applications were up by 62 per cent in June compared with the same month last year.

The second-quarter increase in applications received by the specialist provider’s Sippcentre was 42 per cent.

AJ Bell says market volatility means that clients are looking increasingly at tax wrappers that give them flexibility in the way they manage their investment portfolios.

The company also expects to benefit from the Government’s decision to allow protected rights to be invested in Sipps from October this year.

Marketing director Billy Mackay says: “As you would expect, current conditions are encouraging investors to be very careful about how they invest their money. These figures show there is still huge appetite for clients and advisers to review existing arrangements to get increased investment choice and service at the best possible price. It shows that Sipps are suitable for investors in all market conditions.”

The firm has more than 29,000 individual Sipps and pension assets totalling over £5bn under administration.

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