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Talbot and Muir flags high-fee little-service issue for SSASs

17 January 2019

Talbot and Muir is suggesting financial adviser firms with SSAS clients to look closely at whether they are being charged high fees for little or no service.

The SIPP and SSAS specialist said SSASs in this category risk failing to meet the administrative requirements of HMRC and The Pensions Regulator, and could face large fines and possible de-registration of the scheme.

Despite continued growth in the SIPP market, Talbot and Muir said SSAS continues to be popular with advisers and their clients, especially for succession planning purposes.

David Bonneywell, director, Talbot and Muir, said: “We have seen record growth in our SSAS division which has largely been driven by takeovers of existing schemes where we have been approached by advisers due to dissatisfaction with the existing administration.”

Bonneywell added that clients “want peace of mind” that the scheme is being administered efficiently and compliantly “at a fair price”.

Talbot and Muir introduced a free SSAS review service to advisers and their clients in 2015, involving either a remote or face-to-face consultation. The review, which involves looking at documentation, a discussion regarding any concerns members and advisers may have and an opinion on the way the SSAS is administered has resulted in Talbot and Muir taking over the administration and trustee mandates of numerous schemes, the firm said.

Professional Paraplanner