Hello? Any SIPP providers out there?

ellavaday

Hi
I decided to switch from a stakeholder pension to a SIPP fifteen months ago and all was going smoothly. I got my money out of my old provider but before the SIPP proceeded the company I was doing it through became involved in a court case and it was put on hold. The company then went bankrupt but I still have my money. Problem is, I now can't find another company to take me on as a SIPP investor. My advisor is now recommending that I put my money into a fixed rate bond. This is really not what I had in mind! Any ideas would be gratefully received.

dunstonh

I got my money out of my old provider but before the SIPP proceeded the company I was doing it through became involved in a court case and it was put on hold.

Sounds like one of the cold calling scam schemes.

Problem is, I now can't find another company to take me on as a SIPP investor.

What reason? Or is it because you are still trying to invest in inappropriate investments?

My advisor is now recommending that I put my money into a fixed rate bond.

Is your adviser FCA regulated? Are they linked to the failed scheme?

ellavaday

It wasn't a cold call scam, it was a trusted friend who is a financial advisor and who also has investments with them.
The investments look sound to me (and I do have experience in the financial markets).
Yes the advisor is FCA regulated.


What I really want to know is what to do with my money now. Do you have any ideas or are you just trying to make me look stupid?

Perelandra

Which companies have you approached for your SIPP? There are plenty out there that will give these (check http://monevator.com/compare-uk-cheapest-online-brokers/ for a list of some of the more commonly mentioned companies that offers SIPPs, ISAs and investment accounts).

The recommendation from your advisor seems a little strange, but could I ask:

1) How old you are
2) Where the funds from your old pension currently are (and what type of account)

dunstonh

It wasn't a cold call scam, it was a trusted friend who is a financial advisor and who also has investments with them.

Doesnt mean that the investments are suitable. The fact the investment was suspended and involved in a court case and shut down indicates it was unlikely to be a suitable option.

What I really want to know is what to do with my money now. Do you have any ideas or are you just trying to make me look stupid?

I wasnt trying to make you look stupid. However, you have given very little detail and were about to invest in a scheme that ended up in court. That only happens with the dodgy schemes. So, I do have to doubt your knowledge and the authenticity of the person encouraging you to use, what are probably, high risk unregulated options.

We see it time and again in this section that people try to invest in things that are just totally unsuitable but they have bought into the concept and are hard to persuade what they are doing is wrong.

mania112

Fixed Rate Bond in a pension?

I know it's possible, but is that what you mean?

Seems strange an adviser would recommend this strategy - it's not diverse, quite high risk to have all eggs in one basket and there are better opportunities out there.

ellavaday

Thanks for all your responses. Dunstonh, you do have a point! I was very surprised at that and glad I hadn't gone ahead, but then the other investment options are still sound. I don't mind a bit of risk because I have a public sector pension too - this is a pot of £50K and was doing nothing where it was... Perelandra, I'm 50. The funds are in a private bank which is a subsidiary of Santander and it's a SIPP account. Mania, yes, I don't like the look of it either and think it's time to take matters into my own hands.

Perelandra

OK, if you'd been closer to retirement then there might* have been a reason for a fixed rate bond, but from your answers above that would be very odd. There may be something about your situation that your adviser knows that we don't, but that seems unlikely to me.

If the funds are alrady in a SIPP, then I would have thought it would be relatively straightforward to DIY through one of the companies on the list I sent, if that's the way you want to go. Alternatively, find a different advisor?



* but even then, it would be rather bizarre.

ellavaday

I think that's what I'm going to do. I looked at the list you sent and there are at least two companies on there who I think would be great for me. Thanks again

NewbieGirl_2

We are looking into a sipp and looking at james hay - DIY sipp, so maybe this could be an option for you

Thrugelmir

Self manage X-O SIPP run by Jarvis Securities is very good. Extremely cost effective.

Have mine their and admin support is first class.

Even better is that you can own part of the business as well by buying shares.