Getting caught up in the net

I can count on one hand the number of Sipp providers that have gone public with some good deposit rates and top marks to them, but many of the providers only offer their own default bank account which does not generally have a good rate and usually gives the Sipp provider a good “turn” from the banking institution. Next question, should the amounts generated to the provider be declared? Why not, it could be used as a positive factor each year – maybe the reason for keeping costs competitive.

Finally, as I start my preparation for my next client meeting, can the banks come clean on their exposure to losses so that we can all move on and have some confidence restored? For most clients who do have significant amounts of cash, they find it very tiresome to have to split it up into smaller amounts just to ensure security. It has created masses of paperwork together with a re-jig of their own filing systems to cope with it.

Yvonne Goodwin is managing director of Yvonne Goodwin Wealth Management