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I am a...Financial Adviser
04 January 2016
Lifeline thrown to investors worried that impending new capital adequacy requirements will be the straw that breaks the back of already stressed SIPPs.
Xafinity is offering to transfer land and property into its SIPP for free.
Xafinity is looking to support any clients with an existing property SIPP or SSAS who are concerned at already poor levels of service and increasing property administration fees, especially where these 'cracks' may be at risk of full-blown collapse following the FCA's new capital requirements for SIPP providers. Xafinity will be waiving its 'property setting up fee' of £850 + VAT per property and the offer will run from 4 January 2016 to 31 August 2016.
The offer includes all acceptable SIPP and SSAS commercial property and land assets, but does not exclude those with an existing mortgage.
Xafinity already offers a free check of any property assets that prospective applicants are considering transferring. These checks include:
a. Environmental initial assessment
b. Flood risk check
c. Residential element check
Andy Bowsher, Director of Self Invested Pensions at Xafinity, commented: 'The FCA has made it clear it expects a number of SIPP providers to fail in the face of its new capital requirements. It is also well known in the adviser community that some SIPP & SSAS providers are struggling to provide a cometent level of customer service, especially on property assets held. Advisers also tell us that fees are being increased by some providers for holding property/land, so it is a double whammy for clients - poor service and increased fees.
The one-off costs involved in transferring to a new secure provider can be prohibitive, so we are looking to help. We are waiving our property setting up fee in full in order to help clients step to a provider who can be trusted, not only to provide the right service and prices, but also one who offers certainty for the future. Xafinity SIPP is part of the Xafinity Group, whose weekly revenues outstrip our entire SIPP cap ad requirement. We're in great shape for 2016 and for decades thereafter.'
For more information:
T: 020 3725 7024
T: 020 7248 6058
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Xafinity SIPP Services Limited is authorised and regulated by the Financial Conduct Authority. You can check our FCA authorisation here. Our reference number is 461791.