Does my Sipp require a FIA

signman_2

I have a SIPP which has an Investment manager who is proactive in my investment and I have full contact with. However I have a FIA which wasn't my original FIA but somehow a few years ago became my FIA due to mergers with the old FIA.Their charges have started to increase. My SIPP is in Flexible draw down but I have only taken the 25% and no intention currently of drawing anything else out.The current FIA provides no advice only yearly statements as the Family has a a member who worked in Finance and gives advice.

My question is do I legally have to have an FIA as I can and do contact my investment manager direct. The FIA has suggested I have to have a FIA to manage my SIPP but the investment manager suggests this is not the case. What are the rules on this. Pension pot c250k. I can obtain advice so do I really need the FIA

Thanks

Marcon

signman_2 said:

I have a SIPP which has an Investment manager who is proactive in my investment and I have full contact with. However I have a FIA which wasn't my original FIA but somehow a few years ago became my FIA due to mergers with the old FIA.Their charges have started to increase. My SIPP is in Flexible draw down but I have only taken the 25% and no intention currently of drawing anything else out.The current FIA provides no advice only yearly statements as the Family has a a member who worked in Finance and gives advice.

My question is do I legally have to have an FIA as I can and do contact my investment manager direct. The FIA has suggested I have to have a FIA to manage my SIPP but the investment manager suggests this is not the case. What are the rules on this. Pension pot c250k. I can obtain advice so do I really need the FIA

Thanks

You only need an intermediary where a provider won't deal direct with the customer. If you have a DIY SIPP, then you don't 'legally' need an IFA. 

Instead of people 'suggesting' what you need, ask them to give you a categoric statement with the necessary legislative references. That normally sorts things out fairly rapidly.

dunstonh

My question is do I legally have to have an FIA as I can and do contact my investment manager direct. 

In this case, an IFA doesn't seem to be necessary and you can end the services with the IFA at any time.

The FIA has suggested I have to have a FIA to manage my SIPP but the investment manager suggests this is not the case. What are the rules on this. Pension pot c250k. I can obtain advice so do I really need the FIA

By investment manager, I am assuming you mean a discretionary fund manager.   Some DFMs require the adviser still be in place as DFMs do not provide advice.  However, most do not need the IFA there.    Some SIPP providers require the adviser to be in place for certain transactions but not all.

wjr4

IFA.... independent financial adviser 

eskbanker

signman_2 said:

do I really need the FIA

A question that's been exercising the minds of Lewis Hamilton and his team for the past couple of months....

signman_2

Questions asked thanks for most of the inputs!