Talbot & Muir calls for standardised NSI reporting to improve due diligence process
7 December 2018
SIPP and SSAS provider Talbot and Muir has called for an industry standardisation of the non-standard investments (NSI) reporting to make it easier for advisers and their clients to compare providers.
The firm has issued a due diligence document designed to answers the questions that, it says, advisers need to know when looking at which SIPP provider with which to partner.
Graham Muir, director at Talbot and Muir (pictured) said: “We urge the industry to follow suit and provide a clear and uniform approach to this issue.”
He continued: “It is now more important than ever for advisers to ensure their clients are with a provider that can be considered ‘safe’ and which hasn’t stored up significant issues which may have a detrimental effect on service standards.
“We strongly believe that there is a uniform way to disclose what is ‘under the bonnet’ of each SIPP provider.
“As there is no such disclosure at the moment, we have devised a list of questions with our responses that we believe will provide advisers with a much greater insight into a provider’s exposure to these problem issues.”
Muir added the document is available as part of the firm’s due diligence pack.
The Talbot & Muir call for standardisation follows recent court cases around the level of due diligence SIPP providers should carry out on non-standard investments.
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