Apr 12 2007
Following claims that self-invested personal pensions (Sipps) could be being mis-sold to savers, a tax and accountancy firm has urged investors to seek and take notice of advice from independent financial advisers.
Vantis claims that since the A-Day changes to pension regulation last April, some investors have opted to take out Sipps even when inappropriate.
Steve Harvey, director of financial management at Vantis, said: "For many investors, a simple stakeholder pension is perfectly adequate.
"I'd urge all investors to seek regular advice and review from a genuinely independent financial adviser."
He added that savers should pay close attention to the recommendations of their adviser before electing to take out a potentially costly investment option.
Earlier this month, Fidelity's fund platform FundsNetwork reported that the A-Day changes to pension regulation had resulted in Sipps becoming one of the fastest-growing options for pension saving, with the plans becoming popular with the mass-affluent.
