Sipp committee to press FSA on platforms

Or...

AMPS members could stop charging such high fees for doing b****r all in most of the SIPPs and SSASs on their books.

It's difficult to know the best way of responding to such a broad swipe but I'll try.

We operate a SIPP that probably comes under the ambit of Mr Page's gripe.

We actually do a lot of work that clients/advisers never see, on top of what they do see. Also, we clearly publish our charges so they're very visible to everyone before they decide to use our SIPP. And, as far as I'm aware, no-one is forced to use our SIPP or, indeed, any of the products that Mr Page complains about.

Tim Page - what a truely ignorant comment.

You clearly have no idea of the amount of work SIPP / SSAS Trustees Administrators do in the background. We dont just sit there watching the money rolling in!

@ PensionMan - I doubt it is an ignorant comment in perhaps Tim's own experience, but it is interesting to know that there are people out there who do not understand the SIPP/SSAS market. If they think that the providers are doing nothing for their money, then perhaps they could set up a SIPP/SSAS providing company and work their client book single handed!!

On the face of it, the SIPP/SSAS provider do not do much, but I think that is more about them displaying the duck on the water while the legs are paddling furious out of view. It's this that has helped a good many HNW clients take control of their pensions and reap the rewards...

Why oh why does evreyone find it necessary to have a pop at others - wraps and platforms in this case from AMPS - to try and make their own case.

AMPS - Please just try and make a case for what you think is good about what you offer and let others do the same.

Many traditional activities in our industry are having the searchlight of transparency shone upon them and this kind of stuff doea nothing for anyone.

Its quite simple, most platforms offer in house SIPPs that are not run by specialist SIPP providers (some are).If you want to do anything other than invest in the platforms own funds or packaged assets like structured products or FTD's they cannot cope.Why, because the extra work associated with in specie conts,unlisted share purchase ,multiple DFM's and of course property purchase ,they cannot cope?Firstly, because they do not have the expertise and secondly because it needs paying for and their platform charges and kick backs do not cover it.The FSA don't seem to understand this when they say things like no one should have a (full) SIPP if they have less than £250k as they will not use all these services.Thats why most (good) SIPP providers offer an introductory 'SIPP lite',with low fixed charges and limited options, but with the chance to upgrade as and when required.If you don't understnd that then you should not be advising on pensions.The really good SIPP providers now have plans that sit on a range of platforms allowing transfer of clients assets from one to the other ,should that be required ,without it being a pension transfer (saving the clients fees!)If you don't know that then you should not be in the industry at all.