Suffolk Life sets service benchmark

Sipp provider Suffolk Life has set a benchmark standard for the self invested pensions industry with the unveiling of its new service charter.

The Suffolk-based provider, which is owned by Legal & General, has promised to establish new Sipps within three working days of receipt and initiate investment instructions within one working day.

The benchmark, which looks to be an industry first, also promises to bank all bonafide cheques on the day of receipt and credit them to relevant bank accounts.

Additionally it will reconcile each main Sipp bank account on a daily basis and pay adviser invoices within ten working days, subject to funds being available.

John Moret (pictured), director of sales and marketing at Suffolk Life, said it was time the industry let advisers know what they could expect, noting the initiative tied in with treating customers fairly.

‘It is important that advisers should be aware of our principles of service and what they can expect from working with us,’ he said.

‘It is a valuable ingredient in our overall business plan and supports our aim of treating all customers fairly. We will of course be monitoring our performance against the charter on a regular basis.’

Suffolk Life has established over 12,000 self-invested plans and total assets now exceed £3 billion.