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Regulation set to expand SIPP market according to advisers
04 October 2006 12:24 Skandia GroupThe introduction of SIPP regulation in April next year will expand the SIPP market, according to new data from Skandia, the leading provider of MultiManager products.
Following the FSA’s recent policy statement on how it will regulate all personal pensions including SIPPs, the survey of 465 advisers shows that 83% said regulation of SIPPs would make the market more attractive, giving the strongest indication to date that advisers are in favour of the benefits that regulation will bring and will be driving more business through the SIPP route.
The survey also asked advisers what they consider to be important when choosing a SIPP. The favourite options were investment choice and service, ranked as “very important” by 64% and 63% of advisers, respectively. A well thought-through investment strategy is crucial to the majority of advised pension recommendations. The data supports this by showing that for advisers, investment choice, in combination with quality service, remains the cornerstone of the SIPP market.
Nick Bladen, pensions marketing manager at Skandia, comments:
“It is encouraging to see that investment solutions continue to be at the heart of much of the growth in the pension market. We expect to see continued popularity and growth for MultiManger pensions and SIPPs. To make sound investment decisions, choice must be informed. We therefore welcome regulation and stand by our view that SIPP regulation must be on a level playing field with other personal pension products. That way, comparisons will be truly fair and advisers will be in a position to give the most appropriate advice to their clients.”