‘Unnecessary’ SIPP rules frustrating for advisers

Three quarters of advisers are frustrated by ‘unnecessary’ restrictions on SIPPs, according to provider Curtis Banks.

A survey of IFAs suggests service levels are the most important aspect when considering a SIPP recommendation, but Curtis Banks says some providers are not providing the flexibility clients demand.

Of the respondents to the survey, 75% say SIPP providers are imposing ‘unnecessary' rules on what services they can offer. Another 73% say they get frustrated when a provider is unable to help them with a query.

Almost 90% of advisers say helpful service is essential for any SIPP, while 98% claim service flexibility is a major factor to consider when recommending a SIPP to clients.

Steve Hart, business development director at Curtis Banks, says: "When IFAs talk to us about the service they get from some SIPP providers, the expression ‘computer says no' often crops up.

"Let's remind ourselves that SIPPs are supposed to be about flexibility and the suggestion that some providers unnecessarily impose their own arbitrary rules is worrying."