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Time to get the industry talking about SIPP transfers, says Origo
Back to listThu, 15 Nov 2012
Time to get the industry talking about SIPP transfers, says Origo
Origo, the eCommerce standards and services body for the UK Financial Services industry, is extending an invitation to SIPP providers, platforms and financial advisers to attend a key point webinar addressing the issues the industry faces in the re-r
Paul Pettitt, Managing Director, Origo, said: “While there has been a lot of talk in the industry around in-specie transfers between platforms, the transfers of assets held within SIPPs, which in many ways can be far more complex an operation, has to some extent been overlooked. Yet the FSA’s deadline for platforms to have an effective process in place to conduct re-registration of assets in a ‘timely manner’ applies equally to SIPP transfers as it does to any other area of the industry.”
The number of SIPP transfers is likely to increase in 2013 and beyond as competition and price encourage advisers to look around for the best SIPP provider for their clients’ individual needs, and as providers make further inroads into the corporate/occupational pensions arena, and consolidation into SIPPs continues.
The webinar follows research commissioned by Origo with 15 different SIPP platforms and providers to obtain an in-depth assessment of SIPP transfer issues and how they might be addressed. This revealed that the wide range of assets that may be held within the wrapper and the variety of providers using many different systems and processes had created an environment that is complex, inefficient and costly and ultimately could be detrimental tothe end consumer.
“These operational difficulties as well as regulatory pressures for the SIPP market, require the industry to get to grips with this overall issue sooner rather than later,” said Pettitt. “To facilitate that process, and following our initial webinar in early November, we are conducting a further webinar which we hope all SIPP providers and platforms will take time to attend.”
The Origo hosted webinar takes place at 10am on 28 November. It is free to attend and anyone wishing to take part should register their details on our webiste