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Warning that Sipp clients will snub wraps

Wrap providers’ ability to take advantage of the natural restructuring of pension investment ahead of A-Day will be limited because many do not offer fully integrated pension facilities, says financial research company Defaqto.

The company says this lack of integration, together with doubt about what investments will be allowed, makes Sipp investors – the most obvious potential client group – less likely to take up wraps.

The report emphasises the difficulty of selecting wrap providers for IFAs and concludes that Raymond James, 7IM, Transact and Abbey have the most comprehensive product offerings.

It also finds considerable variation in charging structures and the range of funds made available by different platforms. Defaqto says the more established fund supermarkets have been developing their own seemingly transactional services to compete with wraps.


End of year edge: Ken Davy

2004 brought depolarisation, a big hike in the compensation scheme levy and the departure of Paul Smee from Aifa. But cheer up, it also saw M-Day pass relatively smoothly and there was even a fall in the number of FSA consultation papers.

Stewart Ritchie on pensions

There is one particular area of transition to the new pension regime which may be complex for large numbers of ordinary people – the protection of tax-free cash.

Johnston joins Chase de Vere

Former Momentum Financial Services managing director Paul Johnston has joined Chase de Vere as managing director of the company’s 60-RI private-client arm.


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