What Due Diligence questions should you ask your SIPP Provider?

Whether you choose a different SIPP provider to suit the case being written or stick with one provider for all cases it is important that you complete thorough Due Diligence on the provider at the beginning and throughout the relationship. SIPP Providers are under a lot of scrutiny from the FCA which makes it very important to be asking them the right questions. Hartley Pensions will be fully transparent in the information we provide. As a SIPP Provider we have listed some important questions you should be asking us or other SIPP Providers

  • What size is your Assets Under Management and number of SIPP plans?
  • What were your new client numbers in the last 12 months?
  • How many SIPP Products do you offer and, how do they differ?
  • What is your financial strength rating?
  • What is the ownership structure of the company, and who are the Ultimate Beneficial Owners and Persons of Significant Control?
  • Who are the key personnel of the company and what is their background?
  • What actions have you taken to comply with Capital Adequacy?
  • What evidence can be provided to prove SIPP providers meet Capital Adequacy requirements?
  • Do you accept Defined Benefit Transfers?
  • What is the overview for the short to medium term of the company?
  • What is the staff turnover for the company?
  • What percentage of your staff hold industry qualifications?
  • What is the percentage level of SIPP business compared to the SSAS business or other business streams?
  • What level of technical support is offered?
  • How are adviser fees deducted from your plans?
  • How many complaints received, how many were upheld, how many referred to FOS/POS?
  • What percentage/number of SIPPs include Non Standard Assets?
  • Do you accept new Non Standard Assets?
  • Are there any standard assets you do not currently accept?
  • With commercial property does the provider insist on using their insurance, their solicitors, their accountants?
  • What is your charging structure? And any plans to increase over the next 3 years?
  • Will I and the client get a named contact for admin queries etc? What is the ratio of SIPPs does that individual have to administer?
  • What online functionality does the operator have? How long do certain processes take e.g payment of PCLS?
  • Is the SIPP bank account designated or virtual?
  • What interest rate is offered on the SIPP bank account?
  • Can the client choose which bank for their SIPP bank account?
  • Does the SIPP provider retain any interest?

If you have any questions you would like to ask Hartley Pensions please email admin@hartleysas.co.uk


By Michael Baber | October 25, 2017 | 0 Comments

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