The SIPP market saw 9 products pulled but 15 new plans launched during the 2022/23 fiscal year, according to an exclusive report for Financial Planning Today magazine, a sister publication to SIPPs Professional.

Two of the products pulled were from Vitality.

There are now a total of 122 SIPPs available in the market, according to Defaqto which compiled the data.

According to the data and technology provider, there has been a great deal of movement in the market since Christmas.

Richard Hulbert, insight consultant at Defaqto, said: “Since Christmas we have experienced providers fine tuning their target market descriptions. We suspect this is them repositioning for the FCA’s new Consumer Duty.”

In an exclusive article for the latest issue of Financial Planning Today magazine, Mr Hulbert talks about a shift towards reduced transparency, new tech-orientated products and trends in investment options.

The latest issue of Financial Planning Today Magazine is now available and includes an in-depth report on the challenges and opportunities facing the SIPP market.

The magazine, published every two months, is packed with features, comment and business tips for Financial Planners, Paraplanners and Wealth Managers.

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