Carey Pensions' Hallett: We are 'ready to move on'

She said: “We want to create opportunities for people who need independent solutions or else all we will have is vanilla flavoured retirements.”

She went on to say that the industry needs a firm to prove it can come back stronger after a period of animosity.

Ms Hallett added: “The industry is in great need of somebody to come out and say that it has learnt from the past and is now ready to move on.

“No Sipp company is the same as it was seven years ago and we are one of the lucky ones in that we have been able to re-emerge to a certain extent and are looking at a new and positive phase in our life cycle.”

The reputation that has stayed with Sipps since July 2014 when the Financial Conduct Authority published a Dear CEO letter to all Sipp providers warning of failings on due diligence on non-standard investments has created a vacuum in the market, according to Ms Hallett.

She said: “All the good things about a Sipp have been lost over years and it is time to re-engage with advisers that need these added value products for their clients.”

Ms Hallett claimed that very few providers offered a “true Sipp” with many of the big players in the market focusing on simple Sipps, or platforms, instead.

She added: “These big players usually give the Sipp wrapper away free because what they are about is attracting assets under administration onto their platform. 

“What they are not about is providing a solution for individuals, families or partners of businesses to utilise and create a pension scheme that builds with them through the different life cycle of events. This could include buying a commercial property to run their business or there are still some non standard assets and unquoted shares that do pass the test. 

“There are few providers which provide a true Sipp and we are going to expand in this marketplace because commercial property is still very viable and we have a lot of advisers that still use commercial property as a cornerstone of good solid investment but providers offering this are few and far between.”

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