IFGL Pensions has introduced some changes to its product range following a comprehensive review as part of the Consumer Duty regulations from the Financial Conduct Authority (FCA) that came into force in July this year.
The firm has simplified its product range and will now offer two products for new customers – The IFGL Sipp (for international clients) and The Insight Sipp (for UK clients).
The IFGL Sipp is designed for international retail clients who are expatriate former UK residents who are now non-UK taxpayers. It is also for clients with at least £75,000 ($95,000, €88,000) to transfer into a pension, and who may wish to consolidate existing pensions held elsewhere.
The Insight Sipp is designed for UK retail clients, and is for clients with at least £75,000 to transfer into a pension, and who may wish to consolidate existing pensions held elsewhere.
There are also some changes that are being introduced to the products:
- Changes to product charging;
- Fair value calculation to be introduced; and
- Liquidity – minimum cash balances.
However, the firm said it has closed the Acorn Lite Sipp to new business from 1 September.
IFGL Pensions will continue to offer the IFGL Ssas to UK customers. Following the review, there will be some changes to product charging.
IFGL Pensions managing director Rachel Meadows said: “We’re really excited about the opportunity to streamline and improve our product offering, and crucially to enhance the level of service support we’re able to offer to advisers and customers. We’re adopting a much more proactive stance, which will hopefully help to set us apart from our competitors.”