City Trustees - part of Mattioli Woods

News and Media

05 December 2012

New City Trustees due diligence document to assist IFAs

To assist IFAs with their due diligence and product suitability research, City Trustees has devised a comprehensive due diligence document which highlights the issues that need to be considered when selecting a long-term provider. SIPPs are no longer a niche product and have now become more mainstream, with an anticipated millionth SIPP to be shortly written. Statistics also suggest that 50% of new pensions established are now SIPPs. With this success has brought an increased scrutiny of SIPP providers by the Financial Services Authority (FSA), which has made it clear that it has concerns surrounding the regulatory aspects of the provision of SIPPs. This has been followed up by further proposals concerning the level of capital that a provider must carry to enable the provision of self-invested pensions.

What this highlights is the importance of due diligence and information that is required by IFAs when recommending an appropriate SIPP provider, to ensure they are capable of providing robust long-term retirement solutions. The City Trustees due diligence document covers the type of SIPP offered, capital adequacy requirements, service standards, investment choice, property, etc. To view the document in full, please click here.


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