Three years after 2006 nothing we have now is any simpler than before

“That means specifying in the literature what features you have and have not got, and where your charges are being taken from on a discreet, clear basis.

“The IFA and their client will then have an informed decision, as it is a huge commitment and making sure it is the right vehicle for the right time.”

Mr Tilley pointed out that for Dentons, it aims to practice what it preaches and has taken a three-pronged approach to fulfilling this.

He said: “TCF is one of those things, where many firms and advisers think they are treating customers fairly. But the emphasis is on proving that you are.

“We devised a series of questionnaires issued to clients, asking them about the process both before and during when the scheme is running, whether they fully understood what is happening, how clear it was, treated well in correspondence and giving them the opportunity to tell us how they were treated, which is all done internally.

“We also commissioned the Investors in Customers external body to do an audit on all our own cases, where we contacted our client base to make sure they were happy for their details to be released. The third-party body contacts the customers with its own set of questions, so that it then collate the information and report back to the company, before publishing the results.

“Finally, we also have an exit questionnaire for those wanting to get out of a Sipp. We need to demonstrate that all our clients are getting a good service and what they are signing up for. We do this consistently and with confidence.”

Martin Tilley CV

1982-1987: SSAS administrator, Sun Alliance

1987-1988: SSAS team leader, Crown Financial Management

1988-present: Business development manager, Dentons Pensions Management Ltd