Sipps firm scraps all member 'transfer out' fees

A Sipps and SSAS firm has decided to scrap all member “transfer out” fees for UK based schemes. Yorsipp said it made the move following calls from the Financial Services Consumer Panel for the FCA to introduce a simple rating system aimed at encouraging financial firms to publish more data about service levels.Mark Canning, head of business development, said: "We have invested significantly in all aspects of our proposition over the past 12 months in a bid to bring institutional quality to the retail market.“We believe our decision to remove all transfer out fees is another effective way to improve transparency in the Sipp and SSAS market and ensure clients understand what they are paying for.“Despite recent AKG research highlighting over 80% of advisers rated “high levels of service” as the main factor in provider selection, it is disappointing that so few firms publish this data and begs the question - why not?"{desktop}{/desktop}{mobile}{/mobile}Along with enhancing its service proposition, Yorsipp has also recently boosted its business development and operations team with three new senior hires.The new appointments include Gareth Jones and Andy Thewlis as business development managers for the North-West and Yorkshire and the North East respectively. Kenneth Henderson has also been appointed as technical and compliance officer.Mr Canning said: "Our national expansion programme has kicked off with three strategic hires for our business. Gareth, Andy and Kenneth are all great additions to our business and each bring a wealth of technical expertise in their respective fields. This is further demonstration of both our appetite and commitment to the evolving market to attract the best talent in the sector to Yorsipp. I am pleased to welcome them to our growing team and am confident they will play integral parts in our future development and initiatives."

Sipps firm scraps all member 'transfer out' fees

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