Complaints about SIPPs to the Financial Ombudsman rose by 37% over the past 12 months but complaints about IFAs fell steeply at the same time, according to FOS data released today.
Protecting consumers from unscrupulous scammers and conmen has been a priority for the financial services industry for some time.
The AMPS conference in London yesterday featured a warning on the increasing proliferation of ‘ambulance chaser’ companies seeking to press claims against SIPP providers.
The FSCS has defended itself against suggestions it takes a punitive, enforcement approach against those firms deemed in default.
Seven Investment Management (7IM) has become a pension provider this week by launching its own Self Invested Personal Pension (SIPP) with no annual fee on accounts above £75,000.
Platform and SIPP provider AJ Bell has today announced a profits surge of 24% in its interim half-year results, its most profitable ever it says.
The firm reported “strong growth” for the six months ended 31 March, which, as well as increasing profits to record levels, included a 12% rise in customer numbers from 164,557 to 183,482 and a 5% increase in assets under management from £39.8bn to £41.8bn .
Elsewhere in the report highlights included:
· New business growth with net platform inflows of £3.5bn, up 17% (H1 2017: £3.0bn)
· Customer retention of 95%
· Revenue increased 16% to £42.9m (H1 2017: £37.0m)
· An interim dividend payment of 14p per share, a 10% increase compared to the interim dividend last year (H1 2017: 12.75p)
In the period the company launched two new income-focused multi-asset portfolios within its Managed Portfolio Service (MPS) for financial advisers, as well as a new Lifetime ISA.
Preparations for a listing on the London Stock Exchange “later in 2018 or early 2019” were said to be “progressing well.”
Andy Bell, chief executive of AJ Bell, said: “These are the most profitable interim results in our history and are a great endorsement of our strategy and market position.
“The UK retail investment and savings market continues to display strong growth and investment platforms are central to this.”
“We are well placed to continue our growth trajectory and are progressing well with our plans for a premium listing on the London Stock Exchange later this year or early 2019.”
The firm reported “strong growth” for the six months ended 31 March, which, as well as increasing profits to record levels, included a 12% rise in customer numbers from 164,557 to 183,482 and a 5% increase in assets under management from £39.8bn to £41.8bn .
Elsewhere in the report highlights included:
· New business growth with net platform inflows of £3.5bn, up 17% (H1 2017: £3.0bn)
· Customer retention of 95%
· Revenue increased 16% to £42.9m (H1 2017: £37.0m)
· An interim dividend payment of 14p per share, a 10% increase compared to the interim dividend last year (H1 2017: 12.75p)
In the period the company launched two new income-focused multi-asset portfolios within its Managed Portfolio Service (MPS) for financial advisers, as well as a new Lifetime ISA.
Preparations for a listing on the London Stock Exchange “later in 2018 or early 2019” were said to be “progressing well.”
Andy Bell, chief executive of AJ Bell, said: “These are the most profitable interim results in our history and are a great endorsement of our strategy and market position.
“The UK retail investment and savings market continues to display strong growth and investment platforms are central to this.”
“We are well placed to continue our growth trajectory and are progressing well with our plans for a premium listing on the London Stock Exchange later this year or early 2019.”
The end of the tax year is traditionally a really busy time for adviser and SIPP providers.
An expert has expressed scepticism over whether a planned rise in auto-enrolment contributions will actually take place in April 2019.
Investors have launched legal action against Liberty SIPP over allegations it cost them money through risky investments.
Chartered Financial Planning firm Fairstone signed up London-based Premier Portfolio Financial Services to its downstream buy-out programme.