26 October 2005

SIPP carefully

Investors who are hoping to dip their hands into the property markets courtesy the self-invested personal pension (Sipp) scheme would do better to check the antecedents of some firms that claim to offer them the best deals, say analysts.

“A-Day”, as the 6th of April has been dubbed is bound to trigger a rush to the property market and investors could be duped if they are not careful. April 6 is the day when the new rules come into effect. David Baker, director of James Hay, the UK’s largest Sipp provider says that it is very difficult to investigate if the firms are indeed above board, “We have had some e-mails from companies with odd sounding names saying they are specialists in a certain area and wanting to offer our clients the benefits of their property services in Bulgaria or wherever. If they are UK-based we try to meet them. But if not it is difficult to know if they are responsible or rogues. We can’t investigate them.”

More here.

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