We did research earlier this year which revealed more than half of advisers say they have experienced instances where a Sipp provider has levied charged they were not expecting, leaving them “shocked”.
It also revealed nearly three-quarters of advisers admitted they found it difficult to compare the charging structures of different Sipp providers.
Quite simply, this is not acceptable and as a sector, we need to work together to ensure these figures are improved. Advisers are not happy with hidden charges and being unable to compare products. Some 94 per cent of advisers who responded to our research said they would back FCA action to require all Sipp providers to publish charging structures in a standard format.
The message on transparency is crystal clear. It isn’t a nice-to-have but a must-have for all Sipp providers.
Financial advisers pride themselves on providing a clear, transparent service to their clients. It is our duty as providers to ensure they can expect the same service from us.
John McCreadie is head of sales (UK) for Momentum Pensions