Displaying items by tag: Sipp

The Financial Services Compensation Scheme (FSCS) is now accepting claims against GPC SIPP Limited (GPC) which slumped into administration this week.

The Financial Conduct Authority (FCA) is concerned about how pension freedoms are impacting consumers and quite rightly so, especially with regards to those accessing their retirement savings and not taking advice, putting them at risk of running out of money, or worse, being scammed.

Foster Denovo has launched its own investment platform for advisers alongside a new range of Dynamic Portfolios (DPs).

SIPPs firm GPC SIPP Ltd has gone into administration.

SIPPs firm Curtis Banks has appointed a new chief financial officer.

SIPPs firm Curtis Banks is celebrating the 10th anniversary since the foundation of the business.

Baillie Gifford, the Edinburgh-based investment management partnership, is to transfer its investment trust savings scheme, including its ISA, Share Plan and Children’s Savings Plan, to Hargreaves Lansdown. 

The firm says that after an “extensive review of its investment trust savings scheme and the service it currently offers to investors, Baillie Gifford concluded that the long-term interests of plan holders are best served by a transfer of their investments to a specialist investment platform”.

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More than 21,000 plan holders representing £1.3bn in funds under management are set to be transferred to the Hargreaves Lansdown platform.

Baillie Gifford selected Hargreaves Lansdown following what it called “a robust and detailed process which focused on quality of service, cost, breadth of proposition and experience of managing account transitions”.

Hargreaves Lansdown offers a wide choice of investment products, Baillie Gifford said, including SIPPs, ISAs and investment accounts and all Baillie Gifford managed investment trusts are available on the platform.



Plan holders are being contacted with further details of the transfer and their options.

During the transition period existing ISA, Share Plan and Children’s Savings Plan investors will be able to add to their respective plans.



Baillie Gifford has agreed with Hargreaves Lansdown the current charging level across all plans will not change for a period of three years from the agreed transition date.

The Baillie Gifford scheme has closed to new investors.



James Budden, director of retail marketing & distribution, Baillie Gifford, said: “The increasing variety, capability and cost effectiveness of investment platforms in the wider savings market has led us to decide plan holders of our investment trust savings scheme are best served by a specialist platform.

“We selected Hargreaves Lansdown for a number of reasons, including its ability to offer efficient access to our entire investment trust range through a broad selection of savings products.”
 
Chris Hill, CEO, Hargreaves Lansdown, said: “As one of the largest supporters of investment trusts we are pleased to welcome Baillie Gifford clients to Hargreaves Lansdown.”

Before you think you are reading an old article, I am of course referring to the start of the new tax year. 

STM Group has revealed it will target UK-based SIPP operators and workplace maters trusts as its latest results showed profits remained stable at £4m.

SIPPs operator Curtis Banks has enjoyed a double-digit profit boost, according to its latest end of year figures.