Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • user0923019
    • By user0923019 11th Oct 17, 5:41 PM
    • 2Posts
    • 1Thanks
    user0923019
    Sipp "non standard asset" fee, is this fair?
    • #1
    • 11th Oct 17, 5:41 PM
    Sipp "non standard asset" fee, is this fair? 11th Oct 17 at 5:41 PM
    Hi

    So I had a SIPP invested in a 2 year 2% fixed savings account with a bank via sipp administrator, opened 2015, matured 2017.

    Upon checking my statement, the SIPP administrator has charged a £600 fee in 2016 for a "non standard asset fee". They introduced this fee is in 2016. I believe a non standard asset is an asset that can't be sold/released in 30 days. The savings account was a non standard asset.

    Can they really charge a £600 fee out of the blue like this on existing assets? I had no option but to pay it because I couldn't get out of the savings account.

    Do you think I should ask the ombudsman? If there's a good chance of getting the £600 refunded then would do. I have already ask the SIPP company if they would consider refunded it but they have declined.
    Any opinions welcome.
Page 1
    • dunstonh
    • By dunstonh 11th Oct 17, 5:48 PM
    • 89,955 Posts
    • 56,658 Thanks
    dunstonh
    • #2
    • 11th Oct 17, 5:48 PM
    • #2
    • 11th Oct 17, 5:48 PM
    The charge itself seems fair as SIPPs are now required to carry out basic levels of due diligence. So, when using unconventional investment options, there will be a cost to them which is only fair that you pay rather than other investors.

    If the fee was introduced after the investment was in place, then I would question it. If it was introduced before you put the investment in place, then there is little to question. I would expect the FOS to apply that style of thinking.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • user0923019
    • By user0923019 11th Oct 17, 5:51 PM
    • 2 Posts
    • 1 Thanks
    user0923019
    • #3
    • 11th Oct 17, 5:51 PM
    • #3
    • 11th Oct 17, 5:51 PM
    Thanks dunstonh, it was introduced after the investment was in place so will ask ombudsman for an unbiased opinion and hopefully they might ask the sipp administrator to refund it
    Last edited by user0923019; 11-10-2017 at 6:06 PM.
    • bigadaj
    • By bigadaj 12th Oct 17, 3:57 AM
    • 10,803 Posts
    • 7,100 Thanks
    bigadaj
    • #4
    • 12th Oct 17, 3:57 AM
    • #4
    • 12th Oct 17, 3:57 AM
    Thanks dunstonh, it was introduced after the investment was in place so will ask ombudsman for an unbiased opinion and hopefully they might ask the sipp administrator to refund it
    Originally posted by user0923019
    The normal process is to make a formal complaint to your sipp provider and then, assuming they refuse to remove it, take it to the ombundsman or regulator.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,316Posts Today

7,605Users online

Martin's Twitter