Question: I notice these questions have been waiting on answers for a few days now. is this perhaps an indication of service levels one might expect when placing business with such companies!! Service standards have never been excellent as a general rule within the SIPP industry until you find a more tailored and bespoke provider. The complexities of accepting protected rights payments after legislation changed does not win many votes of confidence when fund managers are having the responsibility placed on them to run an additional separate portfolio for these protected rights pots. Whatever happened to common sense and a the administrator actually doing the admin. Of course with many SIPP providers loosing notable income streams as they can no longer take the levels of interest on default SIPP accounts that they may have been before service will undoubtedly suffer. Perhaps the experts may wish to tell us how they plan to make up this loss in income stream and where else they may be hiding charges on a so called transparent product?
Andy Leggett, Suffolk Life: "Service has been one of the drivers of the explosive growth in the SIPP market so it was perhaps inevitable that some operations would suffer if they could not scale up effectively to meet demand. When it happens, people sit up and notice. Of course, paying attention before making the recommendation is the real trick! "Protected rights simply have to be done right, no matter what approach the administrator takes. For many SIPP providers, inconveniences to advisers and investment / fund managers aside, any inherent problems in their approach may well not becom...
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