Hargreaves Lansdown head of pensions research Tom McPhail has criticised IFAs who are calling for Sipp providers to be more defined.
McPhail says different Sipps simply offer different levels of investment flexibility. He says the most important issue is that Sipps are engaging investors.
McPhail says: “If we start criticising some Sipps for not being ‘real’ Sipps, then I think the whole industry will suffer.”
Suffolk Life sales and marketing director John Moret says: “There is a risk consumers may be misled into thinking they have a wider investment range or more flexibility than they actually do when buying a Sipp. But I am not convinced as to whether that should extend to changing what you call them.”