Those Sipp providers that survive have the potential to thrive. Tomorrow’s ‘good’ providers will take responsibility for putting the controls in place to know where investors’ money is and in which assets it is invested. They will understand the risks of the investments they accept. And, should things go wrong, they will have sufficient resources to ensure every investor will be afforded safe transfer out from their business to another provider.
Rigid, inflexible retirement options gave birth to Sipps. They thrived by putting flexibility and the customer at the centre. More than 20 years later sharper oversight and robust controls will ensure Sipps continue to deliver for the next 20 years and beyond.
Those who do not embrace it should not seek to continue beyond this point.
Greg Kingston is head of marketing at Suffolk Life
