The Association of Member-Directed Pension Schemes (AMPS) has formed a committee to tackle the threat of platforms to the SIPP and SSAS market.
AMPS, a trade body for SIPP and SSAS providers, has announced that it is forming a platform sub-committee. Chairman Andrew Roberts said AMPS was ‘concerned’ that questions had been raised over SIPP suitability and charges compared to platforms.
The sub-committee will lobby government and the Financial Services Authority (FSA) and will be chaired by Neil MacGillivray (pictured), honorary secretary of AMPS.
Roberts said: ‘With the implementation of the retail distribution review less than 12 months away the platform market looks set to grow considerably and one of the drivers of this will be pensions.
‘As a committee we have become concerned that there has been a great deal of debate on Sipps, their suitability and the charges associated with them. We are forming a sub-committee so that we can benefit from the huge knowledge base and experience of our member firms,’ he said.
The committee will look how platforms are changing pension provision and the effect of platforms on the use of Sipp
Source : New Model Advisor