Spoilt for choice

Choosing a Sipp provider has never been harder. There are more than 100 out there, with new ones joining the marketplace every month. Carrying out due diligence on a provider before using them is essential, but how is best to go about this?

Smaller Sipp providers have come under the spotlight recently, with the FSA putting together a special team to contact 70 smaller providers to ask about their processes. More worryingly, concerns around long-established providers exist following the news that the Freedom Sipp is being closed down and another Sipp is being investigated for alleged links with fraudulent tax reclaims. The implication is that there are risks in using smaller providers. This is unjustified in many cases, but certainly there is a feeling that some smaller providers may not be operating all the rigorous process...