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Standard in moves to streamline Sipp sales

Standard Life is in discussions with sister firm Standard Life Bank about setting up a centralised function to ensure borrowing for Sipp investments is as seamless as possible.

After A-Day, increasing numbers of investors will be borrowing money to either make contributions to their pension fund or to buy properties and there are concerns that banks may delay the process.

Standard Life Bank is est-ablished as the buy-to-let lender of choice for Standard’s Sipp proposition and the life office is keen for the two firms to have a centralised arm overseeing loans made by the bank for Sipp investors.

Standard Life senior technical manager John Lawson says Sipp providers without close ties to banks may find that their clients struggle to arrange loans to fund their pensions, with lenders less fam-iliar with or unprepared for the practice.

Lawson says: “We have got links with Standard Life Bank on the deposit side but we are extending these to the loans side to make the process slic-ker. We want to deal with applications for Sipps and loans as a joint exercise.”

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