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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.”

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