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Standard Life spurns own platform and picks Funds Network for its Sipp

Standard Life has appointed Fidelity FundsNetwork as the fund supermarket platform for its Sipp.

All other products in the Standard Life range are chosen through its best of breed platform, Sigma, launched in March 2004. Sigma currently offers around 70 Sipp funds while FundsNetwork offers access to more than 900 unit trust and Oeic funds.

Fidelity head of communications Richard Miles says Sipp customers want a wide choice of underlying funds and the decision reflects a wider move in the pensions sector towards open architecture where distribution power counts.

Standard Life marketing director Barry O’Dwyer says he expects the majority of Sipp investors to continue using Sigma but the opportunity to go off-platform will appeal to those who want to invest their pension in something out of the ordinary.

He says: “There is no doubt that IFAs being familiar with FundsNetwork is of benefit to us. We are confident that our Sipp customers will welcome the range of investment options that this link will provide.”

Bestinvest business development director Justin Modray says: “It is a bad reflection on Standard Life if they do not have faith in their own supermarket, which I would imagine they have spent a small fortune developing. It is good news for the investor because FundsNetwork knocks spots off Sigma.”


Lawyer to Become OFT Chairman

Office of Fair Trading chairman and chief executive Sir John Vickers will leave the organisation in October. Philip Collins, a senior partner at law firm Lovells, will take over for a four-year period as chairman. From October, the roles of chairman and chief executive, currently filled by Vickers, will be split. The OFT will soon […]

Bridgewater Equity release appoints Peter Couch as md

Bridgewater Equity Release the home reversions firm is appointing Peter Couch as managing director. Previously managing director for AMP Retirement Services and latterly an independent consultant specialising in equity release, Couch is also appointed director of equity release for Grainger Trust’s group-wide equity release products.Couch spent 10 years at AMP, during which time he fulfilled […]

PFS wants split opinion

The Personal Finance Society is asking its members whether to split the organisation into two faculties one covering personal and the other corporate financial planning.

Tide turns in Matt’s favour

MM hack Matthew Davis will be turning the tides in Newquay this summer, joining New Star on a highly anticipated press trip. Sadly, Croydon’s finest had already promised his company to Bankhall, facing the Three Peaks Challenge that same weekend. When considering his options, the virgin surfer’s propensity for fags and creative excuses for skipping […]

Graphic Content – August

Given the release of employment data from the US on 5 August, we wanted to focus on employment data in this month’s Graphic Content. The Graphic Content below shows us that young and middle-aged workers were hit the hardest by the Great Recession and have never caught up. Since the job market started to recover […]


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