FinalytiQ has voiced concerns about the state of the self-invested personal pension sector (SIPPs), as the top three providers hold nearly 85 per cent of market share (SIPP Pension Advice).
In the research firm’s annual SIPP financial stability guide, principal Abraham Okusanya said the dominance of main players like James Hay, AJ Bell and Curtis Banks did not rule out the survival of smaller actors.
He added the accelerating pace of consolidation in the industry would put “sub-scale” providers those with less than £500m in assets under increasing pressure to join forces with a larger firm or bow out.
The Association of Member Directed Pension Schemes committee: “A number of our members have raised concerns on the report by FinalytiQ . They don’t feel there is adequate differentiation between the new capital adequacy rules and profitability/service.”
Stuart Read, a pension specialist, said: “As the larger providers get bigger, the standard of service has declined, to the point that you end up with a massive operation with no service”.
(FTAdviser, May 2016)
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