Bestinvest launches SIPP with free advice

The product uses supermarket platforms to give customers access to more than 1,000 funds. The SIPP has no initial set-up fee, annual administration fee, initial commissions on fund investments or transaction fees. However, the SIPP requires a 1.5% annual management charge (AMC), of which the manager pays Bestinvest up to 0.5%. Paul Fox, head of investment advice at Bestinvest, says other providers have shied away from the model because “they don’t have the economies of scale” to offer it. He says: “We’ve developed this new product in response to huge demand from our clients, who are kee...