The number of providers in the SIPP sector has fallen to its lowest level in nearly a decade due to a wave of mergers and takeovers, according to new data.

Both provider and product numbers are at their lowest levels since 2012, data produced for the latest issue of Financial Planning Today magazine, out later this week, reveals.

Since the start of 2020 there has been a fall in the number of SIPP products and providers, despite there being a steady growth in numbers prior to 2020.

Lloyds Banking Group is set to launch a £400m takeover of fast growing retirement and wealth management company Embark Group, according to a speculative report from Sky News over the weekend.

The FCA is to consult on introducing a new type of open-ended fund which invests in long-term illiquid assets.

XPS Self Invested Pensions is to waive its property purchase fee for property purchases for new SIPP and SSAS clients.

Nearly 92% of shareholders in platform Nucleus have accepted a cash offer from rival platform James Hay which values Nucleus at about £145m.