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Standard rejects 3.5m sipp uturn costs

Standard Life has rejected newspaper reports suggesting the provider has wasted up to 3.5m due to the Chancellor’s recent uturn on sipp legislation, instead putting the figure at 0.5m.
The report says the costs come from overhauling its systems, developing its sipp offering, marketing literature and a legal team focusing on the proposed new rules that were to allow residential property and other exotic assets into a sipp post A-day.
The newspaper report quotes a source close to the company describing the work as ‘3.5m down the drain’.
But a Standard Life spokesman says the costs are nowhere near that figure, putting the actual costs of preparing for the residential property and exotica element of A-day at around 0.5m.

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